Experts who contributed to the report agreed that an open global economy is the foundation for facilitating global trade and rules-based governance, and it can boost technological advancement, nurture more high-caliber talent and promote innovation and inclusive development.

The report supports multilateral mechanisms, including the G20 which remains the center of gravity in global governance for tackling complex transnational issues.

"But they should dovetail with regional and subregional mechanisms as well as special arrangements in such fields as finance, infrastructure and climate change," said the report.