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TOWARD A SUSTAINABLE GLOBAL ECONOMY: AN INITIATIVE FOR G20 LEADERSHIP

TOWARD A SUSTAINABLE GLOBAL ECONOMY: AN INITIATIVE FOR G20 LEADERSHIP Global adoption of the new United Nations Sustainable Development Goals (SDGs) and the Paris Climate Change Agreement in 2015 has decisively positioned sustainability as a core value of the international community. Implementing these ambitious commitments to environmental, economic, and social progress will require, however, deeper integration of sustainability into the international trade and investment regime. At the same time, the rise of sustainability as a fundamental global objective offers the trade community an opportunity to revitalize and relegitimize a governance system that has come under increasing attack from both developed and developing nations. As a key forum for setting the global economic agenda, the G20 is well positioned to facilitate the marriage between sustainability and trade. This article identifies key actions that the G20 can take to ensure that international trade reinforces and advances sustainability, including publically endorsing the incorporation of sustainability goals into all institutions of international economic governance, advocating for a formal sustainability commitment by the World Trade Organization, and calling on governments to conduct sustainability impact analyses of future trade agreements. By embarking on this “Sustainability Initiative,” the G20 can reinforce the global commitment to a sustainable future, revitalize the international trade agenda, and strengthen the foundations of international cooperation. JEL codes: Q01; Q56; F1 Keywords: sustainability; trade; development; governance; environment; World Trade Organization; G20 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Self-Governance and Management Economics Addleton Academic Publishers

TOWARD A SUSTAINABLE GLOBAL ECONOMY: AN INITIATIVE FOR G20 LEADERSHIP

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Publisher
Addleton Academic Publishers
Copyright
© 2009 Addleton Academic Publishers
ISSN
2329-4175
eISSN
2377-0996
Publisher site
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Abstract

Global adoption of the new United Nations Sustainable Development Goals (SDGs) and the Paris Climate Change Agreement in 2015 has decisively positioned sustainability as a core value of the international community. Implementing these ambitious commitments to environmental, economic, and social progress will require, however, deeper integration of sustainability into the international trade and investment regime. At the same time, the rise of sustainability as a fundamental global objective offers the trade community an opportunity to revitalize and relegitimize a governance system that has come under increasing attack from both developed and developing nations. As a key forum for setting the global economic agenda, the G20 is well positioned to facilitate the marriage between sustainability and trade. This article identifies key actions that the G20 can take to ensure that international trade reinforces and advances sustainability, including publically endorsing the incorporation of sustainability goals into all institutions of international economic governance, advocating for a formal sustainability commitment by the World Trade Organization, and calling on governments to conduct sustainability impact analyses of future trade agreements. By embarking on this “Sustainability Initiative,” the G20 can reinforce the global commitment to a sustainable future, revitalize the international trade agenda, and strengthen the foundations of international cooperation. JEL codes: Q01; Q56; F1 Keywords: sustainability; trade; development; governance; environment; World Trade Organization; G20

Journal

Journal of Self-Governance and Management Economics – Addleton Academic Publishers

Published: Jan 1, 2017

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