G20 finance meeting fails to agree joint communique

South Africa’s Finance Minister Enoch Godongwana said he was ”not happy” the G20 meeting could not issue a joint communique.

A meeting of finance ministers and central bankers from the Group of 20 nations in South Africa failed on Wednesday to come up with a joint communique, with a ”chair’s summary” issued by the host reiterating a commitment to resisting protectionism.

This week’s talks in Cape Town were overshadowed by the absence of several key finance chiefs and foreign aid cuts by major economies like the United States and Britain.

Disputes over trade, the Ukraine war and how to tackle climate change have long made it hard for the G20 grouping to make serious progress on global challenges.

South Africa’s Finance Minister Enoch Godongwana said he was ”not happy” the G20 meeting could not issue a joint communique.

The chair’s summary – which has become a feature of multilateral meetings in which participants do not reach a formal consensus – said the G20 supported a rules-based trading system with the World Trade Organization at its core.

On the global economy, it noted growth patterns varied across economies and said various risks and trends had been discussed.

”Inflation has receded, supported by well-calibrated monetary policies and the unwinding of supply shocks, although progress has varied across countries,” the summary said.