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BUSINESS NEWS - South Africa's G20 Presidency is a historic milestone, marking the first time an African nation leads this influential global forum.
Research Professor Jo-Ansie van Wyk from UNISA highlights that this presidency reaffirms South Africa's constitutional values while offering an opportunity to reshape the narrative for the Global South.
The G20, comprising developed and emerging economies like the US, China, and India, along with the African Union and EU, represents 85% of global GDP and two-thirds of the world's population.
The forum focuses on enhancing economic cooperation, promoting sustainability, fostering social inclusion, and ensuring global equity.
South Africa's participation demonstrates a commitment to these principles and provides citizens with a platform to hold the government accountable if its foreign and domestic policies diverge.
With around 130 meetings planned over the year, the presidency focuses on key issues such as economic growth, industrialisation, food security, artificial intelligence, and sustainable innovation.
Van Wyk emphasises that forums like the G20 promote cooperation over conflict, offering nations a platform to address mutual concerns and negotiate commitments. For the Global South, this presidency is a chance to articulate priorities, leverage resources, and promote good governance and human rights.
Recent achievements, such as the African Union's inclusion as a full member at the G20 Summit in Brazil, highlight the forum's progress. Additionally, institutions like the New Development Bank, established through BRICS, continue to support development projects, such as loans for South Africa's water, sanitation, and transport sectors.
Despite these milestones, Van Wyk acknowledges challenges. Criticism of summit costs, such as the R180m spent on last year's BRICS Summit, underscores the need for tangible outcomes that benefit South Africans. She emphasises balancing international commitments with addressing domestic needs, such as economic growth and rebuilding after state capture.
Looking ahead, South Africa's G20 Presidency provides a unique opportunity to lead on critical global issues while ensuring the benefits resonate with its citizens.
This presidency is not just about prestige but about delivering innovative solutions and fostering international cooperation for a better future.
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