South Africa to use G20 Summit to boost job creation
PRESIDENT Jacob Zuma accompanied by Minister of Finance, Pravin Gordhan is in Los Cabos, Mexico, to participate in the G20 Leaders’ Summit. The primary objectives of the G20 are to facilitate policy coordination in order to ensure global economic stability and promote long-term balanced and sustainable growth. The G20 presents meaningful opportunities for advancing much-needed global governance reforms and orienting the international development agenda.
The agenda and work of the G20 has expanded beyond financial matters to include a wide range of issues such as trade, climate change financing, energy, food security, commodity price volatility, employment, anti-corruption, marine environment protection and development. South Africa will use the Los Lobos forum to promote the development agenda of the G20, and highlight issues such as support for infrastructure development locally and in the continent. South Africa aims to use this meeting to push for policy commitments that deliver a credible growth strategy and boost job creation.
The Summit is expected to focus primarily of the following priorities:
- Economic stabilization and structural reforms as foundation for growth and employment, including addressing the Euro crisis and implementing the reforms that are necessary to stimulate growth.
- Strengthening the financial system and fostering financial inclusion.
- Improving the international financial architecture.
- Enhancing food security and commodity price volatility; and
- Promoting sustainable development, green growth and the fight against climate change.
The G20 is made up of 19 country members and the European Union, which together represent around 90% of global GDP, 80% of global trade and two-thirds of the world’s population. The G20 brings together the world’s major advanced and emerging economies.