G20 Summit Focus: Africa's Trade Push, Debt Crisis, and Critical Minerals

The G20 Leaders' Summit is set to take place on November 22 and 23 in Johannesburg, South Africa's largest city and economic hub.

Sooklal, the High Commissioner of South Africa to India, told IANS during an interaction that the other major issue at the G20 Summit pertains to debt sustainability.

"This has been on the agenda of the G20, especially given the impact that Covid-19 has had on our economies. We are building on the G20 framework on debt that was adopted in 2020, when Saudi Arabia was the President of the G20. Because debt sustainability is preventing the development of especially African countries, because a large portion of GDP is used to service debt, therefore, South Africa has brought sharp focus on this," he said.

Sooklal further stated that even South African President Cyril Ramaphosa appointed a former Finance Minister to head an African committee looking at debt relief.

"Even though it's not a G20 structure, the outcomes are feeding into the finance track of the G20 that is seized with the issue of debt relief. These are the key issues, but a further important area under the working groups we have created, task teams, is on critical minerals," he highlighted.

Critical minerals today are a major focus of the global community, including India.

"By and large, Africa is a major reservoir of critical minerals, which are absolutely necessary in terms of new technologies, especially our transition to green energy," said Sooklal.

He, however, stressed that they do not want South Africa to be seen merely as a provider of natural resources.

"Of course, the issues of climate action will also feature prominently, as will issues pertaining to reform of the global governance architecture, including the Bretton Woods Institutions (IMF and the World Bank), the World Trade Organisation (WTO), and the United Nations, which are traditionally part of the G20 agenda," Sooklal told IANS.

- IANS