The Group of Twenty (G20) members concluded the two-day Finance Ministers and Central Bank Governors meeting on Friday and agreed to strengthen multilateral cooperation to address existing and emerging risks to the global economy in a joint communique signed in Durban, South Africa.
The G20 officials discussed the 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, according to the communique.
After a tough round of deliberations, the G20 officials found common ground on equality and sustainability goals, and reached consensus on several issues plaguing African countries, including trade, sustainable funding and debt vulnerabilities.
"If we keep fragmenting and not solve problems collectively beyond nation states, through nation states, of course, humanity will be in crisis," said David Masondo, South African Deputy Finance Minister.
The G20 discussions aimed to protect multilateral trade systems to avoid economic stagnation across the continent.
"It's important to work towards preserving a rules-based, multilateral trading environment because that's the way how we avoid global economic fragmentation with all its negative economic implications. And we know that it can lead to very severe economic implications," said Valdis Dombrovskis, European Commissioner for Economy and Productivity.
G20 nations are committed to tackling debt issue, offering hope for developing nations under financial strain.
"There are also very active discussions on how to deal with lowering the cost of borrowing for developing countries. That includes addressing risk issues, to address the credit rating issues, and that also, using different financial instruments, including insurance, for example, to deal with the financial consequences of disasters," said Xu Haoliang, undersecretary-general and associate administrator of the UN Development Program.
G20 officials agree to strengthen multilateralism
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
