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TMI BlogErosion of multilateralism threat to global growth & stability: South African president at G20 meetX X X X Extracts X X X X X X X X Extracts X X X X ..... Erosion of multilateralism threat to global growth & stability: South African president at G20 meet X X X X Extracts X X X X X X X X Extracts X X X X ..... ving global conflict. Ramaphosa was addressing the first Finance Ministers’ and Central Bank Governors’ meeting under South Africa’s G20 Presidency at Cape Town on Wednesday. The G20 was founded on the principle of cooperation, Ramaphosa told the two-day meeting attended by leaders in finance from across the globe and said, “At this time of global uncertainty and escalating tension, it is now ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... more important than ever that the members of the G20 work together.” “The erosion of multilateralism presents a threat to global growth and stability. We know from the experience of past decades that a fair, transparent and inclusive rules-based international order is an essential requirement for economic stability and for sustained growth. “At this time of heightened geopolitical contestation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict,” Ramaphosa said. South Africa, which holds the rotating G20 presidency this year, is the first African nation to do so. The G20 comprises some of the world's major economies and also the European Union (EU) and African Union (AU) representing about 80 per cent of the global GDP. The Pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sident also asserted that it was vital to ensuring that the rights and interests of the vulnerable are not trampled beneath the ambitions of the powerful. “Multilateral cooperation is our only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens, persistent poverty and inequality, and the existential threat of climate change,” he said. “We are not mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving quickly enough or boldly enough to address these global challenges,” Ramaphosa lamented. Sharing that the pursuit of the UN Sustainable Development Goal on reducing inequality is as much of an economic imperative as a social imperative, Ramaphosa called on the G20 to focus on deliberate and coordinated efforts on inclusive growth based on responsive trade and investment to grow the incomes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of poor nations and the poorest in society. “For nations to flourish, equality and prosperity must be available to everyone – regardless of gender, race, religious beliefs or economic status,” he said and explained that it was the reason why South Africa had placed 'solidarity', 'equality' and 'sustainability' at the centre of its G20 Presidency. In line with the original mandate of the G20 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... promote strong, sustainable, balanced and inclusive growth, South Africa has identified four priorities for its G20 Presidency. These include strengthening disaster resilience and response; ensuring debt sustainability for developing economies; mobilising finance for a just energy transition; and harnessing critical minerals for inclusive growth and sustainable development. “We continue to ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vocate for greater concession and grant funding to support the energy transition in developing economies,” he said and exhorted the G20 member countries to lead the way in demonstrating ambition on climate action in the lead up to the annual climate conference (COP30) in Brazil later this year. “The need to rapidly scale up adaptation funding is particularly important, as those countries which h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave contributed the least to climate change are now most vulnerable to its effects,” the President said. The finance ministers of US, China, Japan, India and Canada are not attending the meeting. Recalling the first G20 meeting of the year last week in Johannesburg, Ramaphosa said the G20 Foreign Ministers had shared perspectives on the global geopolitical environment and outlined the prioriti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and tasks of the G20 Sherpa Track for 2025. “The meeting of foreign ministers reaffirmed the role of the G20 as the premier forum for international economic cooperation. It underscored the collective responsibility of the G20 for the effective stewardship of the global economy, fostering the conditions for sustainable, resilient and inclusive global growth, as a critical element of the broade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r multilateral system.
“This meeting today of the G20 Finance Ministers and Central Bank Governors will provide further substance and strategic direction in advancing this collective responsibility,” Ramaphosa said.
The President also reiterated his call for the African continent to be included in global development plans. PTI FH NPK NPK X X X X Extracts X X X X X X X X Extracts X X X X
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