Current multilateral system embattled with barriers that obstruct transformative national policies: G20 report
Johannesburg, Nov 21 (PTI): The current multilateral system is embattled with barriers that obstruct rather than enable transformative national policies, a South African minister said on Thursday, citing a G20 repor.
Johannesburg, Nov 21 (PTI): The current multilateral system is embattled with barriers that obstruct rather than enable transformative national policies, a South African minister said on Thursday, citing a G20 report.
Deputy Minister of Trade, Industry and Competition Zuko Godlimpi was speaking at the launch of the report titled ‘G20: Removing International Ostacles to Sustainable Industrial Policy’ in Pretoria.
Godlimpi said the G20 Sustainable Industrial Policy Report provides a strong foundation for collective action towards building diversified economic structures that respect planetary boundaries.
The report acknowledges that while there is an urgent need for global cooperation to address climate change, economic underdevelopment, inequality, poverty, and geopolitical instability, the current multilateral system is embattled with barriers that obstruct rather than enable transformative national policies.
Godlimpi said the report provided an invaluable framework for aligning industrial strategies with climate, development, and equity goals.
“The report makes it clear that the world needs sustainable industrial policy now more than ever. This is because our current systems of production and consumption, which are rooted in fossil fuels, resource depletion, and ecological degradation, are no longer compatible with a healthy planet or a just economy," Godlimpi said.
The crises we face today are fundamentally tied to how economic value is created and distributed, he added. “Sustainable industrial policy offers a different path. It enables purposeful transformation: building diversified economic structures that respect planetary boundaries, while also expanding opportunity, strengthening resilience, and improving social outcomes.
"It is a framework for ensuring that the industries we build today support human and ecological flourishing tomorrow,” the minister added.
Godlimpi emphasised that if there was an expectation for all countries to transition to sustainable, green, and inclusive industrial systems, then all must recognise that they cannot do so under unequal rules or limited resources.
“The transition to sustainable industry must be just. Among other things, workers must be supported with new skills. Communities must see tangible benefits, and developing countries must have access to the tools, technology, and finance required to build new industrial ecosystems,” he said.
Godlimpi said South Africa was proud to champion this agenda within the G20.
“Our Presidency has prioritised inclusive growth and industrialisation because we know what is at stake, not only for our own economy, but for the future of all developing nations,” he said.
The report brought together leading global experts to explain why sustainable industrial policy is essential for meeting these challenges and why many countries still lack the policy space needed to transform their economies.
“The report outlines how sustainable industrial policy is central to reshaping energy systems, expanding productive capabilities, creating decent work, and aligning economic development with environmental goals.
“It also highlights the reality that many of the tools required for this transformation, such as performance requirements, strategic procurement, technology transfer, patient finance, and strong public investment, are restricted by international trade, investment, and intellectual property rules,” the report states. PTI FH GRS GRS GRS
(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)
Top Headlines
