This comes at a pivotal moment for the global economy, as the G20 represents a substantial portion of the world's economic activity, with member nations accounting for 85% of global gross domestic product, 75% of international trade, and two-thirds of the world’s population.
Under SA’s leadership, the theme for the year is Solidarity, Equality, and Sustainability. The country has outlined four key priorities to guide its Presidency and set the agenda for global cooperation.
The first priority focuses on enhancing disaster resilience and response. Given the increasing frequency of climate-related events, strengthening global capacity to respond effectively is essential. Secondly, ensuring debt sustainability for low-income countries will be a core focus, aiming to prevent financial instability in regions most at risk.
The third priority involves mobilising finance for a just energy transition, ensuring that the shift towards cleaner energy sources benefits all nations, particularly those with fewer resources. The final priority is to ensure that the exploitation and management of critical minerals is used to foster inclusive growth and sustainable development across the world.
To support these initiatives, the G20 has established several working groups within both the Sherpa and Finance tracks. Three task forces have been created to address crucial areas: inclusive economic growth, industrialisation, and inequality reduction; food security; and the role of artificial intelligence, data governance, and innovation in sustainable development.
SA’s Presidency represents an opportunity for the nation to lead global efforts in building a more resilient and inclusive global economy, with an emphasis on addressing the needs of the Global South. Through its strategic priorities, SA aims to ensure that economic recovery and sustainability benefit all nations, regardless of their level of development.
Channel Africa will continue to provide updates on these key initiatives, showcasing how SA’s leadership in the G20 is influencing global policies and shaping a more equitable future for all.
--ChannelAfrica--
