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Date: 18 Jun 2012
Title: President Zuma in Mexico for G20 Summit
Pretoria - President Jacob Zuma has arrived in Los Cabos, Mexico, for the meeting of the G20 Summit.
South Africa is the only African country participating in the meeting of the 20 most powerful leaders and will seek to remind the world about the continent's development agenda.
South Africa's participation in the G20 is informed by the goal of promoting meaningful economic relations with the world which would enable the achievement of inclusive and sustainable growth, thereby contributing to the eradication of poverty, inequality and unemployment, and creating a prosperous society.
It is also informed by the goal of achieving a better Africa and contributing to a better and just world.
Issues to be discussed include the strengthening of the global financial system and fostering financial inclusion; improving the international financial architecture, volatility of commodities markets and their impact on food prices, and the promotion of sustainable development, green growth and the fight against climate change.
However, the Eurozone and its debt crisis that has become an international headache will top the agenda. The developments in Europe have already had a negative impact on global financial markets.
Zuma says the continuing vulnerability of several larger European economies presents serious negative implications for the global economy and has urged Europe to work together to resolve the debt problems which have created volatility and uncertainty in the world economy.
"The prolonged global crisis is placing pressure on national budgets, which would be to the detriment of the social spending that is much needed on the continent in the current environment," he said.
According to Zuma, SA will be urging G20 members to put the interest of the global economy ahead of short-term national interests and that the crisis in the Eurozone must not push development issues to the bottom of the G20 agenda.
"African governments have generally managed their economies prudently over the past decade, which has allowed for greater fiscal space in response to the global crises. Africa looks to this G20 summit in Los Cabos to help ensure economic stabilisation in Europe so that these growth trends can continue," said Zuma.
South Africa will also raise the issue of the reform of the international financial architecture and the need for a greater voice and representation for developing countries, especially African countries, in global economic and financial governance.
Team SA, which also includes Finance Minister Pravin Gordhan, will promote equitable trade and the conclusion of the Doha development round, which can make an indispensable contribution to economic growth, reducing poverty and achieving the Millennium Development Goals (MDGs) and job creation. - BuaNews