At his opening remarks for the G20 finance summit on Wednesday, South African President Cyril Ramaphosa lamented what he called “the erosion of multilaterism.”
“The erosion of multilateralism presents a threat to global growth and stability,” President Ramaphosa said.
“At this time of heightened geopolitical contestation, a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict,” he added.
Ramaphosa also stressed the need for developing countries to be able to combat the dangers posed by climate change.
“The increasing rate of climate-induced natural disasters is disproportionately affecting countries that can least afford the costs of recovery and rebuilding,” he said, calling for “innovative financing and insurance mechanisms” for disaster relief.
US absence casts long shadow
US Treasury Secretary Scott Bessent was noticeably absent from the meeting of finance ministers of the world’s largest economies, as well as the European and the African Union, in Cape Town.
The snub came a week after US Secretary of State Marco Rubio skipped a similar summit, complaining of “anti-Americanism.”
“South Africa is doing very bad things. Expropriating private property. Using G20 to promote ‘solidarity, equality, and sustainability,'” Rubio wrote on social media, referencing the slogan of South Africa’s turn at the helm of the rotating G20 presidency.
Rubio was also taking aim at new policies meant to address inequities left over from Apartheid.South African leaders have vehemently denied the accusations from the Trump administration, which were made without evidence.
After Bessent announced he was skipping the meeting due to being “busy”, the finance ministers of India, Canada, and Japan also canceled their trips.
Edited by Zac Crellin
