What Are the Key Focus Areas for the G20 Summit Organized by South Africa?
Synopsis
Key Takeaways
- G20 Summit to focus on enhancing trade partnerships with Africa.
- Debt sustainability is a major concern for African economies.
- Critical minerals are essential for green technology development.
- South Africa emphasizes its role beyond just being a resource provider.
- Climate action and global governance reforms will also be discussed.
New Delhi, Nov 15 (NationPress) As South Africa prepares to host the Group of 20 (G20) Leaders' Summit in Johannesburg next week, the nation's envoy in New Delhi, Anil Sooklal, highlighted a significant emphasis on the African continental free trade areas and the potential partnerships between G20 nations and the African continent to enhance trade.
The G20 Leaders' Summit is scheduled for November 22 and 23 in Johannesburg, the largest city and economic center of South Africa.
Sooklal, who serves as the High Commissioner of South Africa to India, shared with IANS that another critical topic at the G20 Summit is debt sustainability.
"This issue has remained on the G20 agenda, particularly due to the repercussions of Covid-19 on our economies. We are building upon the G20 framework on debt established in 2020 under Saudi Arabia's presidency. Debt sustainability poses a barrier to the growth of many African nations, as a significant portion of GDP is allocated to servicing debt. Thus, South Africa is keenly focusing on this aspect," he stated.
Sooklal further indicated that President Cyril Ramaphosa of South Africa has appointed a former Finance Minister to lead an African committee examining debt relief.
"Although this committee is not officially part of the G20 structure, its outcomes are relevant to the finance track of the G20, which is actively addressing the issue of debt relief. These are the primary concerns, and another vital area within the working groups and task teams we have established is critical minerals," he emphasized.
Today, critical minerals are a major concern for the global community, including India.
"Overall, Africa is rich in critical minerals, which are essential for advancing new technologies, especially as we transition to green energy," Sooklal remarked.
He also underscored that South Africa does not wish to be viewed solely as a source of natural resources.
"Naturally, climate action issues will also be prominently featured, alongside discussions regarding reforms to the global governance framework, including the Bretton Woods Institutions (IMF and World Bank), the World Trade Organization (WTO), and the United Nations, which are traditionally included in the G20 agenda," Sooklal told IANS.