Numerous new players have emerged that have a say in world politics and, to some extent, challenge the longstanding supremacy of the state.

Nevertheless, sovereign states are still seen as the key actors in international relations and governance.

This is one of the main driving forces for states to build regional integration schemes.

These competences have moved either upwards (to a supranational region) or downwards (to a subnational scheme).

These new regional actors have developed and lead to new forms of governance with various consequences on global governance.

The Business 20 (B20) offers a similar format for the G20 process, where representatives of global business support the G20 with concrete proposals for action.

Its prosperity depends largely on international trade and investment.

Never before has global governance been more important to ensure open and rules-based markets and fair competition, as multilateral rules of trade are under attack.

Few other countries in the world are as globalized as Germany.

The trade-to-GDP ratio (exports and imports of goods and services) was 87 percent in 2017.

About one in four jobs in Germany depends directly or indirectly on exports.

In the manufacturing sector, the figure is even one in two jobs.

Germany is also one of the countries with the highest number of foreign students; it benefits from the exchange of research, ideas, and cultures.

Germanys Prosperity Depends on the World Economy Globalization creates opportunities but also vulnerabilities.

The future of the German economy decisively depends on how global challenges such as cyber risks, climate change, epidemics, and geopolitical conflicts are managed.

The globalized world economy needs global governance, and Germany must play an active role in shaping it.

The Globalized World Needs Global Governance Global governance is a continuous process of balancing different interests and initiating cooperative action.

The basis for this is the coordination of national policies and identification of shared norms and rules.

Furthermore, global governance must also initiate joint action and bring resources together, as is the case in the International Monetary Fund (IMF) and the World Bank Group.

Forms and Formats of Global Governance Global governance manifests itself in various forms: International agreements (such as the trade rules of the GATT and GATS) comprise one aspect of global governance, and international organizations such as the World Trade Organization (WTO), the World Bank, and the International Monetary Fund (IMF) comprise another.

Furthermore, loose groupings (such as G7 and G20) and informal discussion fora (like the World Economic Forum) also contribute to effective global governance.

The actors of global governance are as diverse as the forms and formats.

Besides governments and international institutions, relevant actors also include civil society and businesses.

Their participation ranges from simple consultation in the OECD to decision-making powers in Internet governance.

German Business in Global Governance BDI participates in various global governance fora.

In order to strengthen the voice of business in the G8, BDI played a key role in setting up the G8 Business Summit (B8) in 2007.

After Russias suspension from the G8 in 2014, the B8 became the B7.

In the B7, the leading business and industry associations of the G7 nations support the G7 process through consolidated business recommendations and analyses.

Global Governance Examples