President Cyril Ramaphosa says he expects the G20 to show leadership in light of current global trade tensions.
“In the economic sphere, as we note that unilateral tendencies seem to be gaining traction, we should uphold the principles of multilateralism. The increasingly inward-looking and bilaterally-oriented approach to trade agreements is of concern,” said the President.
He said the current challenges in global trade necessitate that all available policy tools be used, in accordance with commitments in the multilateral trading system, to achieve the goal of sustainable, balanced and inclusive growth.
Speaking at the BRICS Leaders’ Summit on the margins of the 2018 G20 Summit in Buenos Aires, Argentina on Friday, the President said leaders must hold steadfast to the objective of creating a world that is conducive for sustainable development and shared prosperity, “not only for our own nations, but also for the broader community of emerging markets and developing countries”.
“While our meeting takes place in an environment of uncertainty and growing unilateralism and protectionism, this Forum has demonstrated its capacity to make our voices heard in the international arena.
“We must continue to leverage our position on the global stage as a means to continuously reaffirm our commitment to multilateralism and to a fair and just rules-based, transparent and inclusive multilateral trading system,” he said.
The President reaffirmed his commitment to financial cooperation and to furthering the prospect of financial integration, which will help address the development needs of BRICS countries and other emerging markets.
The BRICS leaders meeting on Friday was an opportunity to coordinate the countries’ common positions in the international arena and to build further on the discussions held during the 10th BRICS Summit in Johannesburg in July.
President Ramaphosa said South Africa stands ready to work closely with its G20 partners to ensure the implementation of G20 commitments, particularly with regards to the development aspirations of Africa and least developed countries.
“South Africa looks forward to working with other BRICS countries to ensure the G20 demonstrates leadership in preventing a global economic crisis,” he said, adding that there was a need for the G20 member countries to play a role in unlocking resources needed for inclusive growth and sustainable development for all countries and peoples. – SAnews.gov.za