Cape Town: Trade, Industry and Competition Deputy Minister Andrew Whitfield emphasized the necessity for a global consensus to transform the opportunities of the green economy into shared prosperity. He expressed this viewpoint while leading a delegation of officials from the Department of Trade, Industry and Competition (the dtic) in briefing a joint session of the Portfolio and Select Committees. The session focused on South Africa’s G20 Presidency policy priorities and the dtic’s role in this context.

According to South African Government News Agency, the briefing was conducted in anticipation of the first Trade and Working Group meeting, scheduled to be held virtually later in the day. The working group plans to convene additional meetings throughout the year, culminating in a main ministerial meeting in October. Its agenda will primarily concentrate on four priority areas: trade and inclusive growth, crafting a responsive trade agenda to address global commons, green industrialization, and reforming the World Trade Organization.

Deputy Minister Whitfield highlighted the G20’s unique responsibility as a forum of the world’s largest economies to respond to environmental, social, and economic challenges that impede stability and sustainable development. He warned of the concerning prospects posed by the lack of multilateral solutions and the growing punitive measures addressing global commons, leading to potential fragmentation in international trade amid the transition to cleaner energy sources.

Whitfield stressed the importance of aligning trade and climate/environmental policies with World Trade Organization principles to further sustainable development objectives. He called for mobilizing support and resources to address internal disparities resulting from the uneven effects of trade and globalization.

The Deputy Minister advocated for shifting investments in developing countries from “pit to port” activities towards promoting beneficiation and local value addition at resource origins. This approach aims to ensure that resource-rich countries significantly benefit from their endowments and encourage investments contributing to structural transformation and industrial development. He emphasized the importance of maintaining the integrity of global and regional value chains.

Whitfield concluded by asserting that strengthening and reforming multilateral mechanisms and institutions and deepening international economic cooperation are essential strategies for achieving a world free from inequality and underdevelopment.