ISTANBUL
The highly anticipated G-20 summit starting in India on Saturday could have an impact of immense magnitude on the existing world order, according to experts.
The gathering of leaders of the worldâs wealthiest and most influential countries in the capital New Delhi is set to be a unique event due to several factors, including the absence of Chinese President Xi Jinping and Russiaâs Vladimir Putin, the two major powers aligned against the West.
Then there is the fact that it is being hosted by India, a non-aligned rising power in Asia.
According to Husamettin Inac, a professor at the International Relations Department of Dumlupinar University in TĂŒrkiye, the summit is coming at a time when the US-led unipolar world order set after the World War II is no longer dominant.
âNowadays, there are several countries standing against the neoliberal world order, such as Brazil, India, Mexico and others,â he told Anadolu.
He said the US is losing leverage and influence on all fronts, which in turn changes the nature of the G-20.
As an example, he cited efforts by countries to reject the US dollar, saying that the greenbackâs supremacy âis in tatters.â
Praveen Donthi, a senior analyst at the International Crisis Group, believes the Russia-Ukraine war will âovershadowâ the summit.
He said the conflict is âleading to a crisis of multilateralism in the global order today.â
âBecause, I mean, it is directly the result of the conflict between the US-led West and the Russia-China bloc,â he added.
He said Indiaâs aim is to try âto infuse some oxygen into multilateralism.â
âIndia is a rising middle power. Itâs one of the fastest growing economies, and it is what you call a geopolitical swing state, which is trying to chart its own course and path, and trying to influence the regional order and global order at the same time,â he said.
Multipolar Asia, multipolar world
Inac said neoliberalism and âthe Westâs political economy and its institutions are losing their credibility,â while the dollar is losing its status as the global reserve currency.
One of the biggest threats is BRICS, the grouping of Brazil, Russia, India, China and South Africa, which has recently invited six more countries to join its ranks â Saudi Arabia, Iran, UAE, Argentina, Egypt and Ethiopia.
BRICS is also spearheading a charge to replace the dollar with its own common currency by 2030.
Just this week, Russiaâs Ambassador to South Africa Ilya Rogachev presented a symbolic banknote of the BRICS currency to Mahash Saeed Alhameli, head of the UAEâs diplomatic mission.
How the Ukraine war pans out will be a major factor in how the world order looks in the future, he added.
âIf Putin can cling to power against all odds, the global system will collapse and a new one will arise from its ashes, in which China will have a lot of power,â said Inac.
According to Donthi, that scenario is precisely what India wants to prevent.
âIndia does not want a unipolar Asia where China is dominant,â he said, adding that New Delhi will use the summit to flex its political muscles.
âIt wants a multipolar Asia, which India says will lead to a multipolar world.â
Indiaâs bilateral relationship with China âis also under severe stress right now because of the border crisis,â which could explain Xiâs decision to stay away from the summit, he said.
Moreover, New Delhi has been cozying up to Washington as exemplified by Prime Minister Narendra Modiâs June visit to the US.
â(President Joe) Bidenâs arrival in New Delhi signals the coming together of India and the US in a big way,â said Donthi.
âBeijing is trying to send a signal that theyâre not happy with the way things are panning out.â
However, he added that India is still âin a difficult positionâ as it tries to balance its ties with Russia and the West.
âAt every UN resolution, India has abstained to condemn the invasion of Ukraine by Russia, because India has a deep strategic relationship that goes back a long way with Russia,â said Donthi.
âAt the same time, India has been strengthening its relationship with the US and the West.â
âTĂŒrkiye will find its rightful placeâ
About TĂŒrkiyeâs role in the changing world order, Inac said the country âplays a big part in the economic model proposed by non-aligned countries, spearheaded by members of the BRICS alliance.â
TĂŒrkiye also plays a âhuge roleâ in Chinaâs Belt and Road Initiative, he added.
âThis G-20 summit will also show how the US and EU approach their relations with TĂŒrkiye,â said Inac.
âNew models of global integration will arise and TĂŒrkiye will find its rightful place in the new world order,â he concluded.