Business / Hangzhou G20

South African expert calls for implementation of G20 Summit outcomes

(Xinhua) Updated: 2016-09-07 10:05

JOHANNESBURG - A South African researcher on Tuesday welcomed the outcomes of the G20 Summit, emphasizing that implementation is the key.

Asmita Parshotam, a researcher at the South African Institute of International Affairs, told Xinhua there are positive messages coming from the G20 Summit held in east China's city of Hangzhou on September 4-5.

"One of the most important developments of the G20 Summit this year was the dual ratification by China and the USA of the Paris Climate Change agreement. The fact that two of the world's largest powers signing the agreement is a hopeful sign for changing global economic governance," she said.

The longer-term vision of the G20 contained in the "Hangzhou Consensus" calls for more inclusive economic growth, trade and innovation, Parshotam said.

Parshotam said topics of discussion included improving the global financial regulatory system, stopping illicit financial flows, and addressing investment in infrastructure, all of which are important issues for Africa's development.

"As with all major conferences of this nature, whether talk is able to translate into actions will be gauged in the coming months," she said.

Confirmation of the importance of the multilateral trading system (WTO) was expressed, but whether this can translate into action remains to be seen, she added.

Parshotam noted that the G20 Communique appears to be quite high-level and arranged around five themes which are policy coordination; innovative economic growth; financial and economic governance; trade and investment and development.

Parshotam said the summit gave China an opportunity to explain and promote its model of economic development on a global platform. These include the Belt and Road Initiative and Asian Infrastructure Investment Bank.

Meanwhile, the South African Presidency issued a statement, saying the G20 Summit has emphasized on innovation, fair trade and investment as the fundamentals of sustainable and inclusive growth.

President Jacob Zuma said in the statement, "Our trade and investment policies should be designed to enable countries to improve competitiveness and gain access to markets, to successfully participate in the global economy."

Zuma said the Summit addressed the interest of the global South.

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