India’s and Japan’s presidency of the G20 and G7 respectively, comes at a critical juncture in international affairs. As great power rivalry between the United States and China grows more confrontational, the need for multilateral cooperation is becoming ever more pertinent. Multipolarity has been on the rise with several consequential powers, of which India and Japan are clear examples, claiming a stake on how the international order is managed. However, multilateralism is effective only when the great powers of the times are able to regulate their competition and prevent escalation of tensions.