DURBAN: Finance chiefs of G20 countries were close to agreeing a common position on trade and other global challenges, which would be the first since US President Donald Trump’s election victory and tariff war.

The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, failed to reach a joint stance when finance ministers and central bankers met in February, to the dismay of hosts South Africa.

An agreement now in the coastal city of Durban would be considered an achievement even though G20 communiques are non- binding and the precise wording is unclear.

“I don’t think it’s a secret. It hasn’t been issued yet, but there’s going to be a communique,” Raymond Gilpin, chief of strategy, analysis and research at the United Nations Development Programme Africa, said on Friday.

Canadian Finance Minister Francois-Philippe Champagne told Reuters late on Thursday he was cautiously optimistic the meeting would result in a final communique. An official of another G20 country, who requested not to be identified, expressed similar optimism.

“We have to see the final text, but I think it’s important that we reached a communique and common language. That’s an improvement from the last G20,” Dutch Finance Minister Eelco Heinen said.

South Africa, under its presidency’s motto “Solidarity, Equality, Sustainability”, has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action.

Delegates at the meeting sought to agree lines on global economic challenges, including the uncertainty created by trade tensions, as well as wording on climate finance.

Published in Dawn, July 20th, 2025