President Jacob Zuma has arrived in Hangzhou in the People's Republic of China, to attend the G20 Leaders' Summit.
China presides over the work of the G20 this year and under its Presidency, has adopted an overarching theme of working “Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy”. South Africa is a member country of the Group of 20 (G20) which consists of 19 countries plus the European Union (EU), the 20th member. G20 members have been meeting regularly since 1999 to discuss global economic policy coordination. The G20 was conceptualised to stabilise and strengthen the global economy, by bringing together the major advanced and emerging market economies.
These economies together represent around 85% of global GDP, 80% of global trade and two-thirds of the world's population.
The G20 membership includes systemically important advanced and emerging-market economies. These economies meet to discuss the global economy, the international financial architecture, financial regulatory reform and global economic governance. The G20's prominent membership provides a strong platform for influencing global economic policy. It is widely credited with coordinating the response to the 2008 global financial crisis and, therefore, the subsequent global economic recovery.
It was after the 2008 global financial crisis that the G20 was elevated to an annual Leaders' Summit, as the premier forum for global economic policy coordination and decision-making. China is the 2016 Presidency of the G20. South Africa's participation in the G20 is aimed at advancing the national agenda, which is creating a better South Africa and contributing to a better and safer Africa and a better world.
South Africa's participation in the G20 is to provide strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for South Africa, Africa and the developing world.
South Africa's priorities in the G20 for 2016 include strong, sustainable, balanced and inclusive growth, decent employment, efficient and responsive economic infrastructure, increased investment in infrastructure, reducing illicit financial flows through coordination of international tax, coordination of international financial regulatory developments and international coordination on development.
This includes domestic resource mobilization (DRM) and ensuring synergy with UN processes on the 2030 Agenda for sustainable Development and financing for development. Given that development is an important priority for South Africa in the G20, South Africa serves as a Co-Chair of the G20 Development Working Group (DWG).
The President will also participate in the annual B20 engagement with G20 business community. As per usual, an important informal meeting of the BRICS leaders will take place on the margins of the G20 to take forward the agenda of this important forum ahead of its summit in Agoa, India next month.
President Zuma is accompanied by the Minister of International Relations and Cooperation, Ms Maite Nkoana-Mashabane and the Minister of Finance, Mr Pravin Gordhan to the G20.
At the conclusion of the G20 Summit, President Zuma will travel to Guangzhou in Guangdong Province, where he will attend the “2nd Investing in Africa Forum,” on 7 September 2016. He will be joined by the Minister of Trade and Industry, Dr Rob Davies and the Deputy Minister of Transport, Ms Sindi Chikunga at the forum.
Distributed by APO on behalf of Republic of South Africa: Department of Government Communication and Information.
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