Ten years since the global financial crisis, trade tensions are rising and confidence in multilateralism, the backbone of prosperity and stability since the second world war, is being challenged. At the same time, widening inequality is sapping the foundations of democratic institutions.

At such a time, the G20 nations, representing 85 per cent of global gross domestic product between them, have a duty to uphold their long-held mission: to ensure “strong, sustainable, balanced and inclusive growth”.

The Japanese presidency of the G20 is now in full swing, preparing for the Osaka summit and Fukuoka finance ministers and central bank governors meeting in June. I took part in the first G20 summit meeting in 2008, and I am convinced of the group’s power to marshal co-operation in tackling challenges faced by the international community.