Pretoria: South Africa would like to use its Group of 20 (G20) presidency to promote investment in Africa’s infrastructure and productive sector, aiming to support the continent’s integration into global trade, a senior official said. Deputy Minister of trade, industry and competition, Andrew Whitfield made the remarks during the first meeting of the G20 Trade and Investment Working Group held virtually on Tuesday.
According to Ethiopian News Agency, the G20 working group’s priorities are set to focus on four key areas, namely, trade and inclusive growth, a responsive trade agenda to address global issues, green industrialization, and the reform of the World Trade Organization (WTO). “Africa is poised to be the next frontier for global growth. With its abundant natural resources and the youngest population, Africa offers immense potential,” Whitfield noted.
The meeting, running from Tuesday to Thursday, is being attended by representatives from G20 member states and invited countries, as well as international organizations, such as the WTO and the United Nations Trade and Development. “Through our G20 presidency, South Africa is committed to advancing global cooperation and building strong partnerships that will drive growth and development for all,” said the deputy minister.
“Together, we can overcome the challenges of our time and secure a more inclusive and sustainable future. The nations of the world look to the G20 for leadership on the most pressing issues confronting our world and we dare not fail,” he said. After assuming the G20 presidency on Dec.1, 2024, South Africa will host the leaders’ summit in November this year.
In addition to South Africa, the African Union has been made a permanent member of the G20 in 2023 in a move that has been broadly welcomed for giving the continent an important voice on key global issues. The move gives the continent the same status as the European Union, which sits alongside 19 countries including the UK, Russia and the US.
The G20 represents around 85 percent of global GDP and 75 percent of global trade, as well as two-thirds of the world’s population, prior to the AU joining. The permanent members of the G20 are now Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Trkiye, United Kingdom and United States, along with the EU and the AU.