The G-20’s To-Do List for Restoring Global Economic Stability

With its invasion of Ukraine, Russia launched an assault on the fundamental principles of the United Nations Charter. That is why the U.K. is committed to backing Ukraine to the hilt. It is why we have provided more defensive equipment to Ukraine than any other European country has—and why we appreciate the vast resources the U.S. has committed to this fight for freedom.

Our collective economic security has been threatened by this war. So we need to get on with the job that the G-20 was created to do, in stewarding the global economy through the turbulence this act of aggression set off. In the U.K., we are making the tough decisions necessary to restore our economic stability. With so many countries suffering, we need to take coordinated global action too.

That means building on the work the U.K., the U.S. and our allies have already done through forums like the Group of Seven, which we have used more effectively than ever in the last nine months. It means better cooperation with India, Indonesia and others also suffering the consequences of the war. As will happen in Bali, it also means dialogue with those like China with whom we don’t share fundamental values.

There are five points where we need to see action at the G-20 this week. First, we must deliver support where it’s needed most, prioritizing the vulnerable at home and around the world. In the U.K. we are helping families and businesses deal with soaring energy prices. The U.S. has done the same. We need to support Ukraine through what may be a hard winter with military and economic support.

Second, we must end the weaponization of food production and distribution. The G-20 should commit to increasing production and releasing stockpiles to boost food supply; renew the Black Sea Grain Initiative, which stops Russia from blocking shipments of food from Ukraine; and keep the Russian war machine from starving millions or blocking harvests in the developing world.

Third, we must strengthen our energy security and reduce our dependence on Russia. This means unlocking the investment needed to increase energy supplies and to accelerate the transition to renewable sources of power. That is ultimately the best way to protect ourselves from those who have used hydrocarbons to bully and coerce.

Fourth, we must open up global trade and protect it from those who seek to monopolize or manipulate markets. That includes driving reform of the World Trade Organization, securing supply chains, protecting the digital economy, and bolstering cyber defenses, including against intellectual-property theft.

Fifth, we must provide honest, reliable investment to help developing countries grow while also protecting them from attempts to make them dependent on their lenders. A combination of Covid and unsustainable lending has caused debt to surge, and the current crisis is reducing countries’ ability to service it. We must support international financial institutions to unlock more lending, leverage private finance and provide an alternative for developing countries to borrowing from exploitative sources.

This positive plan of action is the best way to build resilience and protect ourselves against economic coercion by authoritarian states.

As leaders around the G-20 table, we have the power to address many challenges before us and a responsibility to uphold the international order, but some have their own agendas.

Vladimir Putin

won’t even show his face at the summit. Nonetheless, the U.S. and the U.K. can make progress, together with our allies.

I had the privilege of studying, working and living in America, and I share its restless optimism. So let’s show that the values we hold dear—the rule of law, free markets, opportunity and liberty—continue to shine brighter than anything our adversaries and competitors have to offer.

Mr. Sunak is prime minister of the U.K.