G20 presidency to tackle global challenges - Lamola

Speaking at the first G20 Sherpas meeting in Sandton, Lamola outlined priorities such as inclusive economic growth, food security, disaster resilience, and the governance of artificial intelligence.

He said South Africa will also launch task forces on debt sustainability, energy transitions, and critical minerals.

"As part of its efforts to bring the Sherpa and the Finance tracks closer together, three temporary Task Forces, an Initiative and a Commission will be established during South Africa’s G20 Presidency. These include inclusive economic growth, industrialisation, employment, reduced inequality, food security, artificial intelligence, data governance, and innovation for sustainable development.

"A review of the work of the G20, ‘The G20 at 20 years: A Reflection on Key Achievements and the Way Forward’, will also feature as one of South Africa’s deliverables through a Sherpa Track Initiative. South Africa also proposes the establishment of a Cost of Capital Commission during its G20 Presidency.

"The three Task Forces, the Initiative and Commission, will be established to deliver tangible results at the South Africa G20 Presidency. All of the priorities, as well as the overall theme, will influence Working Groups’ priorities and work plans."

Lamola added that multilateral institutions must be strengthened and reformed to deliver broad global consensus and serve as platforms to resolve disputes.

"The multilateral institutions with economic and developmental mandates must be strengthened, as the need for their intervention is even much bigger now. We all know that many countries, especially the developing world, are still recovering from the economic shock of COVID-19.

"Poverty and weak economic growth remain a challenge for many countries, especially in Africa and the developing world; thus, the themes of our temporary Task Forces focus on these matters. We will also use this G20 platform to shine the spotlight on agenda 2063 of the AU.

"While international cooperation and multilateralism are currently confronted with divisive geopolitics, unprecedented challenges such as climate change, slow economic growth, and deepening poverty, the G20 must make strides in forging practical, mutually beneficial cooperation that champions an international order that is fairer, just, inclusive, and representative.

"We all know that trade has played a significant role in improving living standards in recent years. Studies from the International Monetary Fund show that trade has been a major contributor to global growth over the past decades, helping promote economic development, increase economic opportunity, and lift millions out of poverty.

"It is for this reason that South Africa supports international cooperation and multilateralism. We also know of the benefit this would bring us as we seek to grow our economy and support the development of the African continent."

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