The dispute settlement and agreements made by multilateral collaboration such as the world trade organization have led to the settlement of many trade disputes over time. This has not only helped the United States of America but other countries as well. This is because multilateralism offers transparency and predictability, which positively impacts the economy (Parmelin, 2020). When multilateral governments come together, they all have a strategy of enhancing change and creating an enabling environment for everyone to live in. by engaging in multilateralism, the united states will engage in supporting and promoting development (Parmelin, 2020). It will also promote social innovations and inventions, which will be of great help when fixing the gaps in health sectors. Multilateralism can help the United States of America solve global challenges by enhancing sharing ideas from many sources, unlike bilateralism.
Several crises have befallen the world: ranging from climate changes to pandemics. However, their successful management has shown that the only way to deal with these kinds of trouble is by multilateral corporations (Dennis & Juliane, 2020). It can be learned that a single state or country cannot solve these problems. The real reason is that multilateralism offers supreme knowledge and acceptability (Dennis & Juliane, 2020). How countries responded to the coronavirus pandemic indicates how governments should work together and find a permanent solution.
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Some of the multilateral corporations, such as the international trade center, have helped eliminate economic instability by supporting micro-businesses and helping them connect with the global economy (Dennis & Juliane, 2020). In this way, a global challenge, poverty, will gradually be eliminated.
The group of seven may help solve global challenges, but it is not the only option since many of the global challenges have been solved with help from non-G7 countries (Jim, 2018). Again, the G7 claims to be the leading democratic economy, but it excludes other economic superpowers such as Brazil, India, and China. The group of seven only represents a few democracies which might not be enough to solve the global changes that the world is facing. Therefore, the G7was created a while ago, but it has become irrelevant in the current world with a lot of global challenges.
References
Dennis, G & Juliane, S. (2020). Reinvigorating Multilateral Corporation during the COVID-19 Crisis: The Role of the G20. Global Health and COVID-19. https://www.G20-insights.Org
Jim, L. (2018). Why The G7 Is A Zero. Chatham House. https://www.chathamhouse.org .
Parmelin, G. (2020). Sustainable Development and Trade: The Importance of Multilateralism. International Trade Forum. https://www.intracem.org
