(Russia Direct) Before discussing the possible results and outcomes of the upcoming G8 Summit in Sochi in June 2014, it’s first important to analyze the results from the recent G20 Summit in St. Petersburg. The results of Russia’s chairmanship of the G20 should be analyzed in two distinct dimensions, one related to Russia’s tactical role as the head of a global, multilateral organization, and one related to Russia’s strategic ability to become a leader in matters of global diplomacy.
The first dimension is the positive role that Russia has played in the consolidation of the position of the G20 as a key international forum for the coordination of macroeconomic policies and the establishment of institutions of the modern global economy. This is especially relevant, given that Russia’s chairmanship coincided with a period of increased economic and political turbulence.
The “St. Petersburg Declaration” of the G20, which was developed by national experts, recorded the consensus of world leaders on many important issues, such as the strengthening of cooperation in the fight against corruption, tax crimes and illegal offshore activities; the abstention from protectionism in international trade until 2016; and the adoption by the G20 of medium-term plans for the reduction of budget deficits and structural reforms (labor market and taxation regulation, human capital development, infrastructure improvements). […]
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