Consensus Approach to the Head of Finance of the G20 in South Africa despite the tension of US tariffs
The Head of State Finance -State G20 expressed optimism for an agreement on the joint position of trade and other global challenges on Friday even though US President Donald Trump has overshadowed their meeting.
The G20, who emerged as a forum for cooperation to fight the 2008 global financial crisis, failed to achieve a joint attitude when the Minister of Finance and Central Banks met in February, with the disappointment of the host of South Africa.
The current agreement will be considered as an achievement even though the G20 Communike is not binding and the right words are not clear.
Canadian Finance Minister Francois-Philippe Champagne told Reuters on Thursday that he was very optimistic that the meeting in the Coastal City of Durban would produce the last communication.
Another G20 state official, who asked not to be identified, expressed the same optimism.
South Africa, under the moto presidency “solidarity, equality, sustainability”, aims to promote the African agenda, with the topic including high capital and funding costs for climate change actions.
The delegation at the meeting seeks to approve the line about the challenges of the global economy, including uncertainty created by trade tension, as well as words about climate finance.
Two delegates said the challenge was to determine what language would be received by Washington, the task made was more difficult in the absence of US Secretary Scott Besent from the two -day meeting.
Bescent missed the Cape Town February meeting as well, some officials from China, Japan and Canada were also absent, although Washington would consider the G20 to spin the president in December.
The absence of bescent is not ideal, but the US has been involved in discussions about trade, global economy and climate, said a G20 delegation, who asked not to be named.
The Minister of Finance from Brazil, China, India, France and Russia also missed the Durban meeting, although the Governor of South African Central Bank Lesetja Kganyago said what was important was that all G20 countries were represented.
In the opening comment on Thursday, South African Finance Minister Enoch Godongwana said the G20 had an important role to strengthen rules -based cooperation and encourage collective actions on global challenges that could not be completed by the state alone.
“The need for cooperative leadership that is brave is never greater,” he said.
Source: Reuters
