Business In The News South Africa

Zuma heads to G20 Leaders’ Summit in Germany

JOHANNESBURG, July 3 – President Jacob Zuma will travel to Hamburg in Germany to attend the upcoming G20 Leaders’ Summit scheduled to take place on Friday and Saturday, the Presidency said.

South Africa is one of the 19 member countries of the Group of 20 (G20) which, in addition to the European Union (EU), the 20th member, have been meeting regularly since 1999 to discuss global economic policy coordination.

The G20, conceptualised to stabilise and strengthen the global economy, brings together the major advanced and emerging market economies, which together represent around 85 percent of global GDP, 80 percent of global trade and two-thirds of the world’s population.

The Presidency said South Africa’s participation in the G20 is guided by the country’s national interest and the primacy of the African Agenda.

South Africa seeks to use its participation in the G20 to promote and strengthen the interests of Africa and of the South, on the understanding that, if managed carefully, the G20 does present meaningful opportunities for advancing much-needed global governance reforms and orienting the international development agenda.

The Presidency said one of South Africa’s primary aims in the G20 is to provide strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for South Africa, Africa and the developing world.

“Given the current global dynamics on trade and climate change, the upcoming G20 Summit presents an opportunity for decisive leadership,” Zuma said.

“In this regard, South Africa supports calls for the G20 to show international leadership particularly, in the area of climate change and trade, in helping to achieve progress in multilateral institutions, on the understanding that the G20 is not a substitute for the UN system, but should support and add value to what is being done within the UN context.”

The Presidency said Zuma will be accompanied by the Minister of International Relations and Cooperation, Maite Nkoana-Mashabane, the Minister of Finance, Malusi Gigaba and the Minister of Energy, Nkhensani Kubayi.

– African News Agency (ANA)

Leave a Reply

Your email address will not be published. Required fields are marked *