The G20 finance officials expressed positive expectations about achieving collective agreements on worldwide trade matters and economic issues at their Durban summit despite the U.S. tariff policies implemented by President Donald Trump.
The finance ministers together with central bank governors are now near agreement on a joint statement after their February failure according to delegates who spoke on Friday. The non-binding agreement would mark a significant achievement following multiple months of difficult negotiations.
Canadian Finance Minister François-Philippe Champagne described the atmosphere as “cautiously optimistic.” A representative from another G20 nation confirmed that secret diplomatic negotiations were making progress.
The host nation South Africa has made African economic matters such as high borrowing costs and climate financing central to the discussion. The main obstacle to reaching an agreement with Washington remains the need for acceptable language since U.S. Treasury Secretary Scott Bessent chose not to attend the summit.
The U.S. Treasury Secretary Scott Bessent skipped both the February meeting and the current summit thus making it harder to coordinate policies as the U.S. prepares to lead the G20 in December. The U.S. officials have maintained their involvement through unofficial communication channels according to delegates.
South Africa’s central bank governor emphasized that all G20 nations participated in the dialogue despite the absence of ministers from China Brazil and France while maintaining productive discussions.
