Central Bank Deputy Stresses Stronger Economic Cooperation at G24 Meeting

The Central Bank's Deputy for International Relations, speaking at the G24 meeting, stressed the need to strengthen economic cooperation to counter unilateralism and enhance global resilience.

At the meeting of the Group of 24, the vice president of international relations of the Central Bank emphasized the need to strengthen economic cooperation to deal with unilateralism and increase global resilience.

According to Mehr reporter, quoted from the public relations of the central bank, Abolfazl Kodeyi emphasized the importance of strengthening economic cooperation, increasing the resilience of societies and the need to reform international institutions in order to face the consequences of unilateralist policies at the G24 (G24) Central Bank Governors and Economic Ministers' meeting held in Bangkok, Thailand with the theme of "Leading an interconnected global economy in a fragmented world".

Recalling the deep and reciprocal links in the world economy, he warned that unilateral behaviors lead to the aggravation of economic fragmentation, increase of risks and widespread uncertainty in the international economy.

Pointing out that the process of globalization in the past decades has brought important achievements to various economies and has been developed with the creation of international frameworks, Kodeyi clarified: In recent years, the acceleration of the progress of this process has been slow and interrupted. According to him, economic interdependencies, which should be the drivers of cooperation and growth, have now become the source of the vulnerability of economies in some cases.

The vice president of international relations of the central bank, emphasizing the need to improve domestic capacities in countries, pointed out that emerging and developing economies are able to have deeper effects on the formation of the international economic order due to their effective role in the global economy.

He referred to the 24 group as a key platform for pursuing this goal and mentioned the changes in the governance structure of this group as a requirement to increase the effectiveness in protecting the rights and interests of the members.

In another part of his statement, looking at the existing capacities to expand regional convergences, Kodeyi emphasized: Regional convergence can be a deterrent against the risks caused by the fragmentation of the global economy. However, the realization of such a vision requires the creation of efficient institutions and operational frameworks to facilitate trade, investment, financing and technical cooperation among participating countries.

He considered the ultimate goal not to stop the process of convergence, but to balance and strengthen the interdependence between countries so that these links are more efficiently placed on the path of sustainable development.

It is worth mentioning that at the end of this meeting, the statement of Group 24 was approved with the active and effective participation of the Central Bank of the Islamic Republic of Iran.