The G20 Finance Ministers and Central Bank Governors’ meeting ended in Cape Town on Thursday, with delegates reaffirming their commitment to global economic cooperation despite mounting geopolitical tensions.
The talks, which covered key areas such as debt sustainability, international taxation, financial sector reforms, and sustainable finance, took place against the backdrop of major policy reversals by the United States.
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US President Donald Trump withdrew the country from several key international agreements ahead of the meeting, including the Paris Climate Accord, the G20-OECD Global Minimum Tax framework, and the World Health Organization.
Washington also walked out of UN negotiations on a global tax cooperation framework last week, moves that have raised concerns among G20 members over the future of multilateral economic governance.
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In his opening remarks, South African President Cyril Ramaphosa urged G20 nations to strengthen cooperation, warning that rising global tensions and the erosion of multilateralism could threaten economic stability. He called for a renewed commitment to consensus-building in tackling global economic challenges.
Nigeria’s Minister of Finance, Olawale Edun, also underscored the importance of global cooperation, emphasising the need for coordinated efforts to address developing countries’ economic challenges.
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His remarks echoed concerns from emerging economies over issues such as debt relief, access to finance, and the impact of climate policies on economic growth.
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While the meeting ended with a broad commitment to ongoing cooperation, delegates acknowledged that the absence of US support for several key initiatives could hamper implementation efforts.
The next ministerial-level meeting is scheduled for April, ahead of the G20 Leaders’ Summit in November.
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