“Building on the successes and lessons of the past 30 years, it is imperative that we send a clear message of reform to guide the work of the World Trade Organisation (WTO), particularly in light of emerging global challenges that demand programmatic change, Minister of Trade, Industry and Competition, Hon Parks Tau , said during the the G20 Trade and Investment Ministerial Meeting at the Boardwalk Hotel and Conference Centre yesterday, 10 October.
During the talks he also opened the discussion on the theme ‘Trade and Investment Framework to Address Green Industrialisation and Sustainable Development’.
Minister Tau highlighted the importance of creating an enabling environment that not only drives industrial growth but also ensures such growth is environmentally sustainable and inclusive. He emphasised that trade and investment policies need to be aligned with the global transition towards greener economies, while addressing the developmental needs of emerging and developing countries.
“Building on the successes and lessons of the past 30 years, it is imperative we send a clear message of reform to guide the work of the WTO, particularly in light of emerging global challenges that demand programmatic change, Minister Tau said. “Equally important is ensuring that these reforms and initiatives are pursued in a manner that is responsive to the diverse needs and concerns of countries at different stages of economic development.
“In today’s increasingly complex geopolitical landscape, the G20 has a vital role to play in strengthening multi-lateralism and advancing global cooperation. Its leadership is crucial in tackling the pressing challenges facing the global economy and in safeguarding shared prosperity.”
Minister Tau also said the G20 Presidency, South Africa has reaffirmed its commitment to advancing global cooperation and fostering strong partnerships aimed at driving inclusive growth and sustainable development for all. The Presidency acknowledged that while divergent viewpoints on certain issues are inevitable, with pragmatism, flexibility, and cooperation, the necessary compromises can be achieved through the Trade and Investment Working Group to deliver meaningful outcomes for the G20.
minister Tau also stated that South Africa emphasises that nations together have the capacity to overcome the challenges of the present and to secure a more inclusive, resilient, and sustainable future. Quoting the Presidency, he said: “The world looks to the G20 for leadership on the most pressing global issues, and underscored that this responsibility cannot be taken lightly.”
See more local community stories and photos at kougachronicle.co.za
St Francis Chronicle 