The Group of 20 (G20) finance ministers have wrapped up their first meeting under South Africa's presidency without reaching a consensus for a joint communique but reiterated their commitment to resisting protectionism in a "Chair's Summary."

South African Finance Minister Enoch Godongwana made the announcement at the press conference Thursday after the G20 Finance Ministers and Central Bank Governors Meeting held from Wednesday to Thursday in Cape Town, the legislative capital of South Africa. This meeting followed the second gathering of the G20 Finance and Central Bank Deputies earlier in the week.

"During the past four days, the deputies, finance ministers, and central bank governors held very constructive discussions. We considered and discussed the work program of the finance track working groups, the financial sector issues, the global partnership for financial inclusion, international taxation, and the joint finance and health task force," said Godongwana.

While most members endorsed the work program, which lays the foundation for South Africa's G20 presidency agenda, Godongwana said he was "not happy" with the fact that the finance ministers meeting failed to reach consensus and issue a joint communique.

As the G20 president, South Africa "has been keen to use every opportunity to forge consensus as far as possible, though it also respects and acknowledges that differences remain," he said. "Consequently, we will issue a Chair's Summary based very much on the version we have discussed extensively and refined in the past few days."

According to the Chair's Summary, G20 members exchanged views on global economic developments, acknowledging that while global growth remains subdued, "many parts of the world have shown resilience."

The summary noted that although inflation has eased due to well-calibrated monetary policies and the resolution of supply shocks, progress has been uneven across countries. Discussions also highlighted downside risks, including geopolitical tensions, economic fragmentation, protectionism, disruptions to global supply chains, rising debt burdens, persistent inflation, climate change, and extreme weather events.

"Members emphasized the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy, safeguarding financial stability, and to further promote strong, sustainable, balanced and inclusive growth and job creation," the summary stated.

G20 members also expressed their support for "a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system with the World Trade Organization at its core" and reiterated their commitment to resisting protectionism.

South Africa assumed the G20 presidency On Dec. 1, 2024 under the theme "Solidarity, Equality, and Sustainability," becoming the first African country to hold the position. The G20 Leaders' Summit is expected to be held in Johannesburg, the largest city and economic hub of South Africa, in November 2025. (Xinhua)

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