Johannesburg, South Africa – The G20 Summit in South Africa is underway, marking the fourth consecutive summit held in the Global South. The summit is prioritizing addressing the unique geoeconomic challenges faced by emerging economies amidst global volatility.
Prime Minister Narendra Modi is currently on a three-day visit to South Africa to participate in the summit. This marks Modi's fourth official visit to South Africa, after a bilateral trip in 2016 and BRICS summits in 2018 and 2023. South Africa's leadership is seen as representative of the Global South, encompassing emerging nations in Asia, Africa, and Latin America.
Under the theme "Solidarity, Equality and Sustainability," the summit's agenda includes strengthening disaster resilience and response mechanisms, ensuring debt sustainability for low-income countries, mobilizing finance for a just energy transition, and harnessing critical minerals for inclusive growth and sustainable development. South Africa has also created three temporary task forces focusing on inclusive economic growth, food security, and AI, data governance, and innovation for sustainable development. Other key areas of focus during South Africa's presidency include reviewing the G20's work from its first cycle and addressing the high cost of capital in developing countries.
The summit is taking place against a backdrop of severe geopolitical and geoeconomic pressures, including trade wars and cuts in development aid from the US and EU. Development finance, debt, and international tax policy are also significant points of discussion. Securing resource mobilization to achieve the UN Sustainable Development Goals (SDGs) is a critical concern.
Several reports highlight the challenges faced by African nations and the broader Global South. These include issues such as indebtedness to the IMF and World Bank, the burden of neoliberal policies, and inequalities. Concerns have also been raised about the G20's effectiveness in closing the economic gap between developed and developing nations and whether Western interests overshadow the needs of the Global South.
South Africa's role as the G20 president is viewed as an opportunity to advocate for systemic reform, resist tokenism, and fight for an end to cycles of debt and dependency. Priorities for the Global South include debt relief, fair access to climate finance, and equitable trade in critical minerals. Discussions will also address the unfair allocation of the International Monetary Fund's (IMF) Special Drawing Rights (SDRs) and the need for greater access to finance through the global financial architecture.
With Africa holding the world's youngest workforce, empowering youth through innovation, technology, and equitable growth is considered vital. Task forces will concentrate on promoting inclusive industrialization, youth employment, and equality; building resilient, fair food systems; and enabling digital transformation while bridging the AI divide. Successfully transitioning from dialogue to tangible implementation through strong public-private partnerships is essential to transform vulnerability into sustainable strength in the Global South.
