South Africa, through President Jacob Zuma provided an African perspective on the global economy and trade, infrastructure development, inclusive growth, the global financial situation and combating Ebola at the G20 Summit in Brisbane.

Zuma said, “This year’s G20 Summit was organised differently as it focused mainly on measures to achieve economic growth globally and to create jobs by lifting the world’s GDP by 2 percent. Australia, as the current chair of the G20, has kept the agenda of the Summit focused on issues related to the global economy, development, growth and trade.”

The main outcome of the Leaders’ Summit was a commitment to lift the G20’s Gross Domestic Product (GDP) by at least an additional 2 percent by 2018, with a view to significantly increase job creation and enhance investment and trade, as well as development and inclusive growth. The leaders further pledged to fully implement the growth strategy with the aim of reducing inequality and poverty.

Global economy

On addressing the current global economy, President Zuma said: “In order to sustain global growth, we need to, amongst others, accelerate infrastructure development, especially in Africa. This will help lift intra – Africa trade and contribute immensely toward enabling our Continent to industrialise and to create jobs in high value sectors, so that Africa can produce value – added manufactured goods.”

In this context, South Africa welcomed the establishment of the G20 Global Infrastructure Hub, which will help develop a knowledge-sharing platform and network between governments, the private sector, development banks and other international organisations.

“The discussion around the global financial system was robust as they agreed that the International Financial Institutions (IFIs) needed to be reformed as emerging markets and developing economies now account for the largest share of global growth.”

“This shift in the structure of the global economy must be reflected in the governance structures of the International Monetary Fund (IMF) and World Trade Organisation (WTO).”

Trade

With regard to trade, President Zuma reiterated the fact that trade can no longer be one – sided.

“The African continent wants to move from being a net exporter of raw materials to exporting value-added goods through beneficiation and manufacturing. In this regard, Africa has adopted an ambitious industrialisation, infrastructure development and market integration programme.”

Ebola

South Africa and Senegal did a presentation on the need to work together with more resources being pledged by the G20 leaders to support efforts to contain and control the epidemic.

Side-lines

As is the norm BRICS met on the side-lines of the summit to discuss the G20 agenda at the same time providing input on issues of economic growth and development and the role business can play in stimulating economic growth. Infrastructure development in Africa and the Ebola epidemic were also discussed.