BRICS+ Analytics is proud to present a T20 Policy Brief authored by Yaroslav Lissovolik (BRICS+ Analytics) and Anastasia Stepanova (BRICS+ Analytics) as well as Lena Zakaryan (CAMCA Fellow). The Policy Brief contains recommendations for the G20 on the creation of a platform for regional integration blocs, with a discussion on the possible modalities for such a platform.
Our proposals for the G20 call for the following:
• Create a regional 20 (R20) engagement group within the G20 that is to include the key regional integration arrangements. The R20 will need to work closely with other engagements groups of the G20 such as the B20, S20 and the U20, with the possibility to engage a significantly wider array of actors from outside of the G20 core membership.
• Possible selection criteria for the regional integration blocs in the proposed R20 platform may include:
a) Selection of 20 largest regional integration blocs (that have a secretariat) by GDP size (broadly in line with the selection criteria for countries in the G20).
b) Each member of the G20 nominates their representative regional integration bloc (that has a secretariat) into the R20 platform – this would typically be (but not necessarily) regional blocs in which G20 economies are leading members.
• Within the R20 engagement group create platforms that bring together the regional development institutions, namely regional development banks (RDBs) and regional financing arrangements (RFAs) – these platforms need to work closely with the respective Bretton Woods institutions – the World Bank and the IMF respectively
• The platform that brings together the World Bank and the regional development banks could use the R20 framework to work on reconciling the key connectivity projects across the globe such as the Belt and Road Initiative (BRI) as well as the “Global Gateway” and the “B3W” projects.
• Leverage the R20 engagement group that brings together regional development institutions to work with the World Bank on pooling resources for financing priority projects in the sphere of digital economy and green economy.
• Use the R20 platform to promote greater cooperation between the World Trade Organization (WTO) and the leading regional integration blocs, with discussions focusing on multilateralizing regional trade liberalization across a wider array of countries and regions of the world economy.
• Use the R20 platform to bring together the IMF, the RFAs as well as the Financial Stability Board (FSB) to devise regular anti-crisis scenarios regarding the potential vulnerabilities as well as the modalities of anti-crisis response (including anti-crisis stimuli) that would include the contribution from regional development institutions.
For more on the policy recommendations for G20 and the possible modalities of the R20 regional platform please see the full publication:
https://www.t20brasil.org/media/documentos/arquivos/TF06_ST_01__Potential_modaliti66faf04a984fe.pdf
Yaroslav Lissovolik, Founder, BRICS+ Analytics
