Article content
(Bloomberg) — As some of the world’s most powerful finance ministers meet at a beach-side resort in South Africa, this year’s Group of 20 host is trying to keep its agenda on course.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
A global trade war, initiated by US President Donald Trump, and the acrimony it has wrought between major economies means that the group is struggling to keep its focus on South Africa’s stated aims, which include debt relief, sustainable finance and reforms to the world’s development-finance institutions.
Article content
Article content
Article content
That’s all complicated by the fact that the US, the world’s biggest economy, hasn’t sent its top officials to the events in South Africa this year, even though it’s due to take over the presidency of the group at the end of November.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“My hope is that we must have an agreement and emerge with a communique tomorrow,” South African Finance Minister Enoch Godongwana said in an interview with Bloomberg TV’s Jennifer Zabassaja. “It has been a difficult period.”
Article content
Achieving a communique — rather than a chairman’s summary that was all South Africa could show from its two previous finance meetings — would be a significant statement of consensus from the G-20 if Godongwana can get agreement amid the shock waves radiating from Washington.
Article content
By imposing trade tariffs globally, scorning South Africa’s G-20 motto of “solidarity, equality and sustainability” and pulling billions of dollars in funding for climate finance and international aid, the US is testing a multilateral order that’s dominated global politics since the end of World War II.
Article content
With near-daily announcements out of the White House disrupting global markets, there has been little room to discuss longer-term goals.
Article content
Article content
“These differences we see on tariffs and trade are not helpful for those efforts and these are extremely demanding and difficult issues,” Norwegian Finance Minister Jens Stoltenberg told Bloomberg. “A lot of energy and effort is now going into these trade issues and the capacity to find a consensus is limited.”
Article content
The turmoil has dented attendance by top officials at the event in a lush, tropical estate on the outskirts of Durban, South Africa’s third-biggest city, where delegates can gaze at the Indian Ocean and watch vervet monkeys clamber across rooftops.
Article content
In addition to US Treasury Secretary Scott Bessent, notable absentees included French Finance Minister Eric Lombard and his Argentinean and Australian counterparts, Luis Caputo and Katy Gallagher. A number of other national finance heads also skipped the event.
Article content
Still, sources from several delegations, who spoke on the condition of not being identified to discuss private deliberations, said there was agreement on a number of matters that will be covered in the final statement, including the treatment of debt and infrastructure.