G20 Finance Ministers Commit to Strengthened Multilateral Economic Cooperation in South Africa

The G20 Finance Ministers and Central Bank Governors concluded their third meeting in Durban, reaffirming their commitment to multilateral cooperation amid global economic uncertainties caused by conflicts, geopolitical and trade tensions, supply chain disruptions, high debt levels, and climate-related events. Despite challenges such as the US trade war under President Donald Trump's administration, the group managed to forge consensus on a communique emphasizing growth-oriented macroeconomic policies, fiscal sustainability, investment promotion, productivity reforms, and central bank independence to maintain price stability. The ministers highlighted the importance of reforming the World Trade Organization to better address current trade realities and agreed to tackle debt vulnerabilities affecting developing countries. South African Finance Minister Enoch Godongwana noted the significance of the agreement, marking the first G20 communique in 2025 and reflecting unity in addressing multifaceted global risks. The G20 also underscored the need to integrate sustainability into financial stability efforts, demonstrating a rare show of unity despite ongoing trade tensions. This coordinated approach aims to promote global prosperity and long-term resilience in an environment of heightened uncertainty.