High expectations for Argentine event

The G20 Leaders' Summit should strive to be a platform underpinning principles of multilateralism and globalization at a time of global uncertainty, political analysts from China and Europe said ahead of the high-level meeting in Buenos Aires, Argentina, on Friday and Saturday.

"We need a strong commitment from the G20 and we need stronger, more stable and deeper global economic cooperation. Protectionist and anti-multilateralist movements are serious mistakes, but they will not stop history," said Jose Luis Rodriguez Zapatero, former Spanish prime minister.

"Politics today is about multilateralism, cooperation and global responses, and in this historical moment it means strengthening international organizations. If we want to see changes in political systems, let's use persuasion and not accusation," said Zapatero.

The G20 Leaders' Summit began in 2008 in an attempt to bring together heads of developed and developing economies to discuss key issues affecting the global economy.

As such, its creation was itself a recognition of the need for multilateral dialogue, and that both developed and emerging economies can contribute wisdom and advice on addressing international issues such as growth, sustainability, financial governance and globalization.

This year, G20 leaders will meet under the theme of "building consensus for fair and sustainable development", and Argentine President Mauricio Macri will host the summit.

Argentina has also invited representatives from multilateral organizations such as the United Nations, the International Monetary Fund and the World Bank.

Eugenio Bregolat, a former Spanish ambassador to China, said the world needs to foster collaboration and cast aside confrontation. If trade wars continue, the global economy will see another recession and many economies will suffer.

"We have to build a peaceful and prosperous world through international trade and multilateralism," said Bregolat.

Wu Hailong, president of the Chinese People's Institute of Foreign Affairs, agrees, adding that the world stands at a crossroads, and maintaining momentum for globalization has become a pressing issue.

"I hope that at the G20 Leaders' Summit all parties will be able to work together, uphold multilateralism, signal free trade, strengthen economic growth, make progress on global governance and lead globalization into the right direction," said Wu.

Jiang Ruiping, vice-president of China Foreign Affairs University, said the G20 can also be an effective platform to address the reform of other multilateral organizations including the World Trade Organization and the International Monetary Fund.

"We must follow globalization trends to improve multilateral governance frameworks, create more comprehensive governance structures and improve the role of the G20 to coordinate collaboration between different global powers and efficiently drive forward globalization."