South African President Jacob Zuma has arrived in Hangzhou in the People’s Republic of China, to attend the 11th edition of the (Group of 20) G20 Leaders’ Summit.
China, a global economic superpower is presiding over the work of the bloc this year and under its Presidency, has adopted the theme of working “Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy”.
South Africa is the sole African country on the global economic bloc. The G20 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.
‘‘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,’‘ a statement from the presidency said.
President Jacob Zuma has arrived in Hangzhou in China to attend the G20 Leaders' Summit. https://t.co/R2AjUssXiP— South African Gov (@GovernmentZA) September 2, 2016
The statement further stated that South Africa’s participation: ‘‘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.’‘
The statement outlined the government’s priorities in the G20 as follows:
- Strong, sustainable, balanced and inclusive growth
- Decent employment
- Efficient and responsive economic infrastructure and increased investment in infrastructure
- Reducing illicit financial flows through coordination of international tax, coordination of international financial regulatory developments and international coordination on development.
Why the G20 was born
The G20 was conceptualized to stabilise and strengthen the global economy, by bringing together the major advanced and emerging market economies. It was established in 1999.
- G20 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.
Continental composition of G20 members
- Africa = South Africa
- South America = Argentina, Brazil, Mexico,
- Oceania = Australia
- North America = Canada, the United States
- Asia = China, India, Indonesia, Japan, Republic of Korea, Saudi Arabia,
- Europe = France, Germany, Italy, Russia, Turkey, the United Kingdom,
- The European Union (EU) as an economic bloc serves as a member
The tenth Summit was held in Antalya ,Turkey in November, 2015.
Some guest countries are usually invited to G20 summits. The United Nations, the International Monetary Fund, the World Bank, the World Trade Organization, the Financial Stability Board, the International Labour Organisation, the Organisation for Economic Co-operation and Development(OECD) are also invited to attend G20 Summit.