Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
JOHANNESBURG, July 18 (Xinhua) — A two-day meeting of G20 finance ministers and central bank governors concluded in Durban, South Africa on Friday, with participants agreeing to strengthen multilateral cooperation to address existing and emerging risks to the global economy, according to a joint communique issued after the meeting.
According to the communique, G20 officials discussed global challenges such as conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme weather events and natural disasters.
The document notes that the officials reaffirmed their commitment to global economic cooperation despite difficult negotiations. “It was not easy in the current environment,” said South African Finance Minister Enoch Godongwana, commenting on the negotiations that allowed the ministers to reach an agreement and sign the communiqué.
“There was a renewed commitment to strengthen multilateral cooperation to address existing and emerging risks to the global economy and to recognise the importance of the World Trade Organisation (WTO) in advancing trade issues and agreed rules in the WTO,” the South African Treasury Department said in a statement.
The statement said the G20 ministers and central bankers agreed that the WTO requires comprehensive reform to improve all its functions through innovative approaches to meet and respond to modern realities. They noted that developing countries face high levels of debt and debt servicing costs that need to be addressed.
“The G20 members expressed their commitment to addressing the debt vulnerability of low- and middle-income countries and reaffirmed their intention to strengthen the implementation of the G20 Common Principles. They also stressed the need to enhance the role and voice of developing countries in decision-making in multilateral development banks and other international financial and economic institutions,” the South African Treasury said in a statement. –0–
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