Focus:
Trade and investment are key drivers of growth, innovation and job creation, providing an important channel of economic convergence for the developing world. They require an open, transparent and supportive policy environment, and a well-functioning rules-based multilateral trading system.
Global growth is stabilising but at a weak pace but is not shared equitably. The volume of world merchandise trade should increase by 2.6% in 2024, and 3.3% in 2025, after falling 1.2% in 2023. However, regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks to the forecast. Global cooperation is needed to safeguard trade and ensure it promotes inclusive growth, structural transformation and meaningful integration of developing countries in international trade.
Priorities and Deliverables.
Priority 1: Trade and inclusive growth.
Expected Deliverable Priority 1:
Africa Cooperation Agenda that advances support for structural transformation of the African continent and support for the African Continental Free Trade Area (AfCFTA).
Priority 2: G20’s principles on the responsive trade agenda to address the global commons.
Expected Deliverable Priority 2:
- How can the G20 mitigate the threat of climate change and support just transition in a manner that contributes to unlock inclusive growth, including addressing the negative effects of measures implemented by members and addressing climate measures that have an impact on trade to avoid fragmentation?
- How can the G20 design an inclusive framework that mobilises financial and technological resources to bridge the gaps faced by developing countries during the climate transition?
- What is the global consensus and key principles that can promote international prosperity?
- The TIWG can explore how trade can contribute to equitable production and access key medical tools that are critical to public health to explore mechanisms to ensure better preparedness for future pandemics.
Priority 3: G20 framework/pledge on green industrialisation and investments to promote sustainable development.
Expected Deliverable Priority 3:
During the South African G20 presidency, G20 members will deliberate elements that can constitute a G20 Framework on Inclusive Green Industrialisation. Such a framework will seek to define a grand bargain that would promote mutual benefits of the green transition in a manner that fosters predictable trade, advances value addition and industrial development at source, and ensures shared prosperity. The key leading questions include:
- What should constitute key elements of a grand bargain under a G20 Framework on Inclusive Green Industrialisation?
- How can the G20 support the diversification of green industries and integration of developing countries in green global value chains?
Priority 4: World Trade Organisation (WTO) Reform.
Expected Deliverable Priority 4: G20 Statement on the WTO
- How can the G20 work together towards clearer outcomes on WTO reform towards Ministerial Conference (MC)14?
- How can the G20 members advance the development dimension of the WTO to address global economic development asymmetries and towards a more inclusive and development-orientated multilateral trading system (MTS)?
- In view of persistent global food security challenges and the longstanding impasse and slow progress in negotiations, how to take negotiations on agricultural trade reform forward so as to make progress towards the MC14?
- How to forge global consensus required to ensure a functioning dispute settlement system.
