The world is undergoing a period of de-globalisation, shifting the relative balance of power and changing inter-state relations,weakening international organisations due to the declining interest of key members towards effective agreements, andincreasing distrust in the capability of the international institutions to transform and perform effectively and independentlyfrom its majority shareholders. Global competition is intensifying, and a painful restructuring is reshaping approaches tocooperation. Leading world economies are adopting offensive protection policies to reclaim their competitiveness and secureleadership in defining the rules of the emerging economic order. While acting within a realist paradigm of realism, theycontinue to stick to the rhetoric of liberalism, and further amplify it.
The need to modernise global economic governance is feasible, broadly recognised and consistently reaffirmed in thedocuments issued by the UN, G20, BRICS, SCO, APEC and other international institutions. The key question is whetherthe renewed system will foster an equitable and effective economic order and inclusive cooperation aimed at generatingglobal public goods – or instead serve as a mechanism for exerting influence and coercion in the interests of certain countriesand alliances.
The article examines the G7 international initiatives grounded in the notion of economic security, aimed at reshapingthe existing international institutions and rules, establishing the G7-centered cooperation frameworks with like-mindedpartners, and countering strategic competitors unwilling to play by the G7 rules. The author outlines the risks stemming fromredefining trade and economic cooperation, as well as economic governance institutions under the banner of economic security,explores possible models for the future of economic governance, and proposes recommendations for BRICS cooperation.The study is based on content analysis of the G7 policy documents, statements by the G7 leaders, and expert assessments.

The article was written on the basis of the RANEPA state assignment research programme

This article was submitted 14.10.2024