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President Cyril Ramaphosa stated at the start of the G20 finance meetings in South Africa on Wednesday that the decline of multilateralism threatens global stability and growth.
US Treasury Secretary Scott Bessent was not present at the two-day gathering of finance ministers and central bank governors from the world’s top nations in the G20 group.
Ramaphosa stated that the summit was occurring during a period of “heightened geopolitical contestation” and that “the erosion of multilateralism presents a threat to global growth and stability.
“At this time of heightened geopolitical contestation, a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict,” he noted.
“Multilateral cooperation is our only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens, persistent poverty and inequality, and the existential threat of climate change.”
The theme “Solidarity, Equality, Sustainability” has been selected by South Africa, which is hosting the G20 this year.
On February 20, US Secretary of Treasury Scott Bessent announced that he was too busy to attend the Cape Town meeting.
Rubio had charged the G20 hosts with having an “anti-American” agenda just days earlier.
It came after President Donald Trump criticised South Africa’s land reforms, which were intended to address the injustices committed during the apartheid era.
“South Africa is acting in a very negative manner. taking private property away. G20 to advance ‘ solidarity, equality, and sustainability,'” Rubio posted on social media.
“My job is to advance America’s national interests, not waste taxpayer money or coddle anti-Americanism.”
The world’s top economies meet with the Group of 20 (G20) to talk about global financial and economic stability.
It includes 19 countries, the African Union, and the European Union, which together account for around 85% of the world’s gross domestic product.
