G20 Finance Summit Stumbles Without Joint Statement

A G20 finance ministers' meeting in Cape Town ended without a joint communique due to disputes over trade, the Ukraine conflict, and climate change. South Africa's Finance Minister expressed dissatisfaction, while a chair's summary noted support for a rules-based trading system and diverse global economic growth patterns.

The G20 meeting of finance ministers and central bankers in Cape Town concluded without agreement on a joint communique, offering instead a 'chair's summary' that emphasized resistance to protectionism. The absence of key figures and international aid cuts by major economies such as the U.S. and Britain overshadowed the talks.

Persistent disagreements over trade policies, the ongoing Ukraine war, and climate change mitigation continue to challenge the G20 in making substantial progress on global issues. South African Finance Minister Enoch Godongwana openly criticized the meeting's failure to issue a united statement.

The chair's summary, reflecting the current dynamics of multilateral meetings, reaffirmed the G20's support for a rules-based trading system centered around the World Trade Organization. The summary also highlighted varied economic growth patterns and noted that inflation had decreased, aided by strategic monetary policies and easing of supply disruptions worldwide.

(With inputs from agencies.)