There is already a regional grouping that is part of the G20 format, namely the EU вЂ“ but there is no reason why the EU should end up being the only regional bloc represented in the G20 framework. Closer Economic Relations (CER) (Australia).South African Development Community or South African Customs Union (South Africa).the planned Regional comprehensive economic partnership (RCEP вЂ“ China, Japan, South Korea).Gulf Cooperation Council (Saudi Arabia).The resulting grouping that may be designated as R20 (as in вЂњRegional 20вЂќ вЂ“ analogously to B20 and other such offshoots of G20) would bring together the largest regional heavy-weights in the world economy represented by the following 10 regional blocs: The set of regional alliances within such a platform could include those regional integration blocs in which the respective G20 members are leading economic powers. It brings together the largest developing and developed economies that in turn are leading powers in their respective regions/continents, and that frequently head the formation of a regional economic bloc.Дў. Such a framework could be coordinated via global networks, with the G20 probably being the best forum to launch discussions on such a platform. What is missing in the current system of global governance is a global coordination mechanism among the largest regional integration arrangements from both the Global North and the Global South. G20 as a coordination platform for regional trade blocsДЎ. There is, hence, a need to devise arrangements that may render greater stability in the global governance framework via coordination among regional institutions and integration arrangements. It is this intermediate layer of global governance that may become a more prominent factor in the economic and political contradictions of the future world economy and the overall instability of the changing global governance system. Apart from the formation of megaregional blocs and the sheer rise in numbers resulting in вЂњdisorganization,вЂќ the regional integration projects along the SouthвЂ“South axis are becoming the focal point of вЂњalternative economic integrationвЂќ vis-Г -vis theВ well-advanced integration system in the developed world. This concerns the low degree of coordination among the regional development institutions, regional financing arrangements and the trade policies of the largest integration arrangements.ДЄs the centrality of global institutions is weakened and the nation states are reasserting their powers, the in-between layer of global governance (between global institutions and nation states), namely regional integration arrangements, is undergoing massive changes. There is accordingly a lack of connectivity between the main regional integration blocs and the global organizations such as the WTO, the latter proving to be largely powerless in the face of the expansion in the number of regional arrangements and their growing potency accumulated in part at the expense of global institutions.ДЄside from this low degree of vertical connectivity with global institutions, there is also a lack of horizontal coordination among the regional economic blocs, which hampers the implementation of regional/continental integration projects. Regionalism is a force that has largely eluded regulation from the multilateral international organizations while at the same time taking on ever greater authority in driving economic integration. This undermines the efficiency of the WTO, but can also open up new opportunities. The mounting protectionism and the exacerbation in trade tensions also contribute to the attractiveness of bilateral and regional alliances as an alternative to multilateralism in global organizations. These correspond to 459 notifications from WTO members, counting goods, services and accessions separately. According to the WTO, regional trade agreements (RTAs) have become increasingly prevalent since the early 1990s and as of, 287 RTAs were in force. The leading economies increasingly often opt for establishing regional trade blocs that pursue the policy of exclusive trade liberalization for a select group of their members, which reduces the interest of the countries in multilateral liberalization. The WTO crisis in the past few decades has been associated with the active advance of regionalism.

Trade blocs