PHNOM PENH, June 28 (Xinhua) -- As the summit of the Group of 20 (G20) major economies is going on in Japan, Cambodian experts said on Friday the G20 should concentrate on strengthening rule-based multilateral economic system.
Chheang Vannarith, president of the Asian Vision Institute, said the main challenges for the global economy are the rising protectionism and unilateralism, geopolitical competition between major powers, and the heightening tensions in the Middle East.
"The direction of the G20 should focus on strengthening an open, inclusive and rule-based multilateral economic system," he told Xinhua. "China through the Belt and Road Initiative and other multilateral mechanisms can help maintain universal values of inclusiveness, openness, and the respect of international law."
Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, said this summit is being held in the backdrop of trade dispute between the United States and most of the members of G20, such as China, Japan, India, and the European Union, among others.
"In my view, there will be nothing more important than tariffs all around the conference," he said. "For the G20 leaders, this will be a huge challenge, and coming out with an amicable solution seems to be a mission impossible."
Matthews said trade friction between the two giant economies will take everyone nowhere, but at the end everybody will lose.
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