G20 summit in Cape Town: No consensus despite work program!

G20 summit in Cape Town: No consensus despite work program!

The G20 meeting of finance ministers, which took place in the picturesque setting of Cape Town, ended without the usual joint final declaration. Under the leadership of President Donald Trump, the USA continued to show restraint and refused to agree on many issues, which prevented a uniform assessment. According to reports from the German Press Agency, the USA has not taken a clear position on the diverse concerns of the G20 since Trump took office, which posed significant challenges to the meeting. Instead of a final statement, the host South Africa only published a summary of the discussions, which reflected the disagreement among the participants.

Enoch Godongwana, South Africa's finance minister, expressed disappointment at the lack of agreement but was optimistic about a work program to be pursued until the next G20 summit in November. This work program was ultimately accepted by all participants. The absence of several important economic powers at ministerial level was conspicuous; US Treasury Secretary Scott Bessent canceled participation due to “obligations in Washington DC”. Similarly, finance ministers from China, Japan, India and Canada also stayed away from the event. Last year, G20 finance ministers were also unable to find a common position due to tensions over the Ukraine war, underscoring recurring difficulties within the group oe24.at and Investment Week report.