As the centrality of global institutions is weakened and the nation states are reasserting their powers, the in-between layer of global governance (between global institutions and nation states), namely regional integration arrangements, is undergoing massive changes.
What is missing in the current system of global governance is a global coordination mechanism among the largest regional integration arrangements from both the Global North and the Global South. The G20 is probably the best forum to launch discussions on the creation of such a platform. The set of regional alliances within such a platform could include those regional integration blocs in which the respective G20 members are leading economic powers. The resulting grouping that may be designated as R20 (“Regional 20”) would bring together some of the largest regional trading blocs in the world economy.
The Valdai Club worked on this policy brief as part of the T20 Japan process which culminated in the T20 summit in Tokyo in May 2019.
