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Speaking at the sidelines of the G20 leaders summit at the capital, Magwenya said the wording of the New Delhi Leaders’ Declaration of G20 is still being worked on. His comments came moments before the Declaration was adopted by the Leaders.

He added that India’s role in the inclusion of the Global South in the Summit has set the benchmark for future discussions by any and all multilateral platforms, where the voice of the developing and underdeveloped countries would have a permanent platform.

“Going on from here, it’s going to be very difficult for any multilateral platform to ignore the Global South. It’s going to be extremely difficult, almost impossible to ignore the various voices that have often been excluded from these processes,” he said.

“In fact, what’s going to happen you’re going to see an accelerated push towards the reforms that we have been seeking in other multilateral forums, like the UN Security Council, global institutions, financial institutions in terms of the disbursements of funds in terms of how loans are structured,” he added, noting that the developing countries would be seeking more equitable share of resources.

Magwenya said that the funding for climate change transactions needs to be fairer, with financing made available for such transition, especially to developing and emerging economies, which will help them to move towards a carbon free economy.

“That process needs to be a lot fairer. This needs to reflect the current realities,” he said.

“There will be increasing cooperation between India and South Africa and India and the rest of the African continent as we continue to build closer ties as we seek to grow our trade. Noting that the agenda for bilateral discussions between India and South Africa was still being discussed, Magwenya said that enhanced cooperation and engagement was expected at various levels and across multiple sectors of interest including, economy, trade and investments between the countries.

With the African Union joining the G20 under India’s presidency, it faces several challenges, including financial inclusion and climate change funding. Magwenya emphasized the need for developed nations to fulfill their pledges in combating climate change.

“Developed countries have to see through commitments they made in their fight against climate change,” he said. “We are continuing to advocate so that these commitments see the light of the day.” 

Updated: 09 Sep 2023, 03:54 PM IST