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There Is No Alternative to Multilateralism

After the 2008 financial crisis, G20 leaders took decisive and coordinated action to boost market and consumer confidence, and then implemented coordinated reforms to ensure future financial stability. Today, with the multilateral system under severe strain, a similar cooperative push is urgently needed.

CANBERRA – Since the creation of the Bretton Woods system 75 years ago, countries have been coming together in pursuit of global public goods, giving rise to both the international trading system and a global financial safety net.

It is to this multilateral approach that we owe our shared success. The free flow of trade, investment, and ideas has helped lift more people out of poverty than ever before. And the world’s growing middle classes are now broadening the opportunities for further exchange of goods, services, and innovation.

By underwriting global economic and political security, the multilateral system allows both big and small countries to fulfill their potential. As beneficiaries of this system, we all have a responsibility to safeguard the institutions that have underpinned our economic prosperity. We must now work together to forge a consensus on pressing global challenges.

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