Event Report

The 3rd Tokyo Global Dialogue

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March 3

International Response (3): Multilateral Response

Discussions were focused on multilateral response to global issues such as COVID-19, climate change, realization of SDGs, and the energy situation in the wake of Russia's invasion of Ukraine.

As for the coronavirus pandemic, it was pointed out that the imbalance between developed and developing countries has further deteriorated. The economic loss to world economy due to the COVID-19 pandemic was estimated at $13 trillion; and while developed countries are recovering, 200 million more people in developing countries are expected to fall into poverty. Although booster shots are progressing in developed countries, vaccine distribution in developing countries is not sufficient. Developing countries are being left behind in recovering from the COVID-19 pandemic against the backdrop of debt sustainability and international trade disruptions due to logistical stagnation. While the Asia-Pacific region is rich in diversity and faces various challenges such as climate change, natural disasters, and an aging population, it was recognized as having responded relatively well to the financial crisis and COVID-19.

Questions were also raised in the wake of Russia's invasion of Ukraine about the humanitarian situation and how to restore the upended international order and strengthen multilateralism. Regarding the energy situation, following issues were pointed out: while the IEA decided to release its oil stockpiles in response to Russia's invasion of Ukraine, securing the supply of sustainable energy resources including responses to climate change and energy security have emerged as common issues for the international community; as the stability is important for energy supply that requires long-term investment, it is necessary for each country to review its policies, including nuclear and nuclear power policies. The importance of enhanced cooperation through COVAX, financial assistance to developing countries on debt and climate change, and a multilateral framework on carbon pricing was emphasized. In the Asia-Pacific region, it was said that it would be effective to find concrete common issues and foundations and work towards building a resilient and inclusive multilateral system. The need for global leadership and the importance of giving multilateralism a chance were emphasized.

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