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| G20 finance chiefs meeting in Africa |
| Durban, 18.07.2025 |
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| South Africa has called on G20 members to work together to address global challenges, including rising trade barriers. TASR reports this based on reports from AFP and RTÉ.
The G20 is made up of 19 countries and the European Union. Together, the G20 economies account for 85% of global gross domestic product, 80% of international trade and two-thirds of the world's population.
The G20, which became a forum for cooperation in the fight against the 2008 global financial crisis, has been hampered for years by disputes between key players. These have been exacerbated by Russia's war in Ukraine and Western sanctions against Moscow. The latest talks between G20 finance ministers and central bankers have been overshadowed by the threat of tariffs from US President Donald Trump.
Host South Africa is focusing its G20 presidency on advancing the African agenda, with issues including the high cost of capital and financing climate change measures.
South African Finance Minister Enoch Godongwana said in his opening remarks that the G20 must provide strategic global leadership and cooperation in the face of challenging challenges.
“We have a key role to play in revitalizing and strengthening multilateralism by promoting inclusive dialogue, strengthening rules-based cooperation and promoting collective action on global challenges that no country can solve alone,” he said.
But doubts remain about the ability of the Durban meeting to work together to address these and other issues. The G20 aims to coordinate policies, but its agreements are not binding.
US Treasury Secretary Scott Bessent will not attend the two-day meeting. This is his second absence from the G20 event, after skipping the February meeting in Cape Town, which also saw the absence of representatives from China, Japan and Canada. The US is due to take over the rotating G20 presidency at the end of the year.
The US will be represented at the meetings by Secretary of State Michael Kaplan.
Trump’s tariff policies have torn up global trade rules and darkened the economic outlook. And his threats of more tariffs have raised concerns about fragmentation in global forums.
Joachim Nagel, head of Germany’s Bundesbank, warned that if Trump imposes 30% tariffs on the European Union, he could not rule out a recession in Germany by 2025.
Trump’s attacks on US Federal Reserve Chairman Jerome Powell also raised concerns in Durban, with Nagel warning of interference with central bank independence.
On the broader agenda, South Africa’s Treasury Director-General Duncan Pieterse said the group hoped to issue its first communiqué under South Africa’s G20 presidency by the end of the meetings.
The G20 last issued a joint communiqué a year ago.odkaz na stránku |
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