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In the face of rising nationalism and populism worldwide, the G20 has failed to craft coordinated global responses to the COVID-19 pandemic. There is the possibility that the G20 may break up into the "G7 and the Rest" with each focusing on its own agenda.

As a rival to China's Belt and Road Initiative (BRI), the G7's "Build Back Better World" (B3W) will face significant challenges. As a complement, however, both the B3W and BRI together could help build a more inter-connected world and drive global economic growth in the post-COVID-19 era.

Soon after his 2014 election, Prime Minister Narendra Modi launched a new policy to promote regional connectivity. India is now one of four powers that has responded to China's BRI. Six years on, Delhi's cross-border connectivity policy needs a reset.

The benefits of the China-led Asian Infrastructure Investment Bank and the New Development Bank have outweighed the costs and they are working well with their older counterparts to promote Asian development. But more needs to be done.

The regional financial safety net (RFSN) that the ASEAN+3 countries have been establishing during the last two decades can only be successful if it evolves into a more structured form of cooperation with the IMF.

Some commentators argue that China deliberately pursues the "debt trap diplomacy" to project undue political influence over smaller countries that borrow from it under the Belt and Road Initiative. Our recent book, which includes a survey of stakeholders, examines the facts and myth surrounding this thesis.

The G20 Summit at Osaka came up with a mixed picture on trade. The US and China struck a trade truce. But the summit failed to address issues related to WTO reforms.

Our simulation of an econometric model suggests that the net benefit of TPP11 is positive. There is, therefore, a case for going ahead with TPP11.

The resurrected and renamed TPP, or the CPTPP, is a "high quality agreement" in terms of content and economic impacts. The ratification rule has been revised, which should facilitate the signing of the final agreement.

"Until recently, not much attention had been paid to the need to promote regional monetary and financial cooperation. This is surprising as cooperation in finance provides more opportunities for "win-win" situations. However, the pace of monetary and financial cooperation has picked up in the postcrisis period. Countries in East Asia appear to have mustered a certain amount of "political will" to propel the process further. Cooperation has ranged from information exchange and surveillance, to establishing regional financing facilities and early warning systems. Beyond the Chiang Mai Initiative, efforts are also under way to coordinate macroeconomic and exchange rate policies mainly under the ASEAN Task Force on ASEAN Currency and Exchange Rate Mechanism of the AsiaEurope Finance Ministers group. As a regional development bank, the Asian Development Bank is supporting the efforts of its developing member countries to strengthen regional monetary and financial cooperation."