President Zuma to attend G20 summit
Pretoria: President Jacob Zuma will tomorrow, 16 June 2012, travel to Los Cabos, Mexico, to participate in the G20 Leaders' Summit. The President will be accompanied by the Minister of Finance, Mr Pravin Gordhan. The primary objectives of the G20 are to facilitate policy coordination in order to ensure global economic stability and promote long-term balanced and sustainable growth.
The G20 presents meaningful opportunities for advancing much-needed global governance reforms and orienting the international development agenda.
Since the elevation of the G20 from a Finance Ministers forum to a Head of States and Government Summit level, the agenda and work of the G20 has expanded beyond financial matters to include a wide range of issues such as trade, climate change financing, energy, food security, commodity price volatility, employment, anti-corruption, marine environment protection and development.
South Africa will use the Los Lobos forum to promote the development agenda of the G20, and highlight issues such as support for infrastructure development locally and in the continent.
"South Africa would like to push for policy commitments that deliver a credible growth strategy and boost job creation," Minister Gordan said.
The Summit is expected to focus primarily of the following priorities:
* Economic stabilisation and structural reforms as foundation for growth and employment, including addressing the Euro crisis and implementing the reforms that are necessary to stimulate growth.
* Strengthening the financial system and fostering financial inclusion.
* Improving the international financial architecture.
* Enhancing food security and commodity price volatility; and
* Promoting sustainable development, green growth and the fight against climate change.
The G20 is made up of 19 country members and the European Union, which together represent around 90% of global GDP, 80% of global trade and two-thirds of the world's population. The G20 brings together the world's major advanced and emerging economies.
It was originally established as a forum for Finance Ministers and Central Bank Governors, in response to the Asian financial crisis of the late 1990s, in order to prevent another regional or global financial crisis and in recognition that key emerging-market countries had to be included in global economic discussions and governance. South Africa has been a member of the G20 since its inception in 1999.
At the conclusion of the G20 President Zuma will proceed to Rio de Janeiro for the Rio+20 United Nations Conference on Sustainable Development.