Rio de Janeiro (Brazil) is hosting the annual G20 summit this Monday November 18 and Tuesday November 19, 2024. A meeting during which South Africa, the only African country member of the organization, will be elected president for the 2025 cycle with a lot of hopes that it rekindles.
According to Pretoria, the theme of the South African presidency will be “Fostering solidarity, equality and sustainable development”. It is about tackling major global challenges, with an emphasis on the development of Africa. Furthermore, it is indicated, the fight against the triple challenge of poverty, unemployment and inequality, as well as the development of Africa will be the priorities of the South African authorities.
“The South African presidency is poised to have significant implications for the entire African region, particularly within SADC. The nation’s strategic position within the G20 will enable it to push for policy gains that will benefit South Africa, SADC and the continent as a whole. Key areas of intervention include promoting policies that ensure economic benefits for all South Africans, particularly those who are economically marginalized,” said Chrispin Phiri, spokesperson for the Minister of International Relations and Cooperation.
The summit takes place at the same time as the COP29 Climate Conference, dubbed the Finance COP, which focuses on how to deliver more and better climate finance to the countries and communities that need it most. .
According to Brazilian economist Laura Carvahlo, director of economic and climate prosperity at Open Society Foundations and associate professor of economics at the University of São Paulo, the South African presidency holds great hopes, as it can help ensure that national platforms are fit for purpose and adequately resourced, based on their own green development and energy transition plans. Experience gained from gaps in Just Energy Transition Partnerships (JETPs) can help ensure that national platforms are fit for purpose and adequately resourced, she believes.
Commenting on South Africa’s G20 presidency, Professor Danny Bradlow, a researcher at the Center for Advancement of Scholarship at the University of Pretoria, says South Africa’s priorities should include debt and development financing, particularly particularly for Africa. And to hope that Pretoria co-chairs the global round table on sovereign debt, alongside the IMF and the World Bank.
“This presidency is an opportunity to address some of the bottlenecks that have long hampered regional integration in Africa. For example, one of the main challenges facing the African Continental Free Trade Area (AfCFTA) and the Regional Economic Communities (RECs) are bilateral trade agreements that undermine Africa’s regional integration efforts. noted Professor Bradlow.
Note that the South African presidency of the G20 will put an end to the cycle of three developing country presidencies within this global forum, after India and Brazil. It will then be transmitted to the United States for the 2026 cycle.
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