G20: Officials Commit To Strengthen Multilateralism During Global Challenges

The Group of Twenty (G20) members wrapped up a two-day Finance Ministers and Central Bank Governors meeting and agreed to boost multilateral cooperation to address existing and emerging risks to the global economy in a joint declaration signed in Durban, South Africa.

The G20 officials on Friday addressed the global challenges like conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme climatic events and natural disasters, according to the declaration.

It stated that the officials reiterated their commitment to global economic cooperation despite complex negotiations.

‘It has been difficult in this environment,’ stated African Finance Minister Enoch Godongwana, describing the deliberations that led to ministers’ consensus and signing of a communique.

South Africa’s National Treasury’s Statement

Moreover, in a statement, South Africa’s National Treasury said that the ministers the ministers agreed to bolster long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments, undertaking productivity-enhancing reforms and safeguarding central bank independence to maintain price stability, Xinhua news agency reported.

The statement read, “A renewed pledge was made to strengthen multilateral cooperation to address existing and emerging risks to the global economy and to recognise the importance of the World Trade Organisation (WTO) to advance trade issues and the agreed-upon rules in the WTO.”

The treasury statement said the G20 ministers and governors noted that the WTO needs comprehensive reforms to improve its functioning. They emphasised on importance of innovative approaches to make the organisation more relevant and responsive in today’s date.

Officials said they need to address the high debt and debt servicing costs faced by developing countries.

The treasury further added, “Members expressed their commitment to addressing debt vulnerabilities in low- and middle-income countries and reaffirmed their commitment to further strengthen the implementation of the G20 Common Framework. Members also underscored the need for enhancing the representation and voice of developing countries in decision-making in multilateral development banks and other international economic and financial institutions.”

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