G20 Finance Chiefs Emphasize Central Bank Independence and WTO's Role in Global Trade

The G20 finance chiefs' communique underscored central bank independence and WTO's trade role, highlighted global economic uncertainties, and committed to tackling debt issues in lower-income countries. It omitted direct mentions of climate change and specific ongoing conflicts, reflecting challenges in achieving consensus.

The G20 finance chiefs have released a communique emphasizing the critical importance of central bank independence and the World Trade Organisation's (WTO) role in resolving trade issues. Convening in Durban, South Africa, these financial leaders faced a backdrop of global economic uncertainties.

The communique addressed significant challenges like trade tensions, disrupted supply chains, high debt, and extreme weather events. It affirmed a commitment to maintaining price stability through independent central banks and highlighted the need for multilateral cooperation. The ministers called for comprehensive WTO reform to address existing challenges.

Debt issues, particularly in low- and middle-income countries, saw a commitment to enhancing the G20 Common Framework. While the meeting touched on economic challenges, it notably omitted specific references to climate change and tensions such as Russia's invasion of Ukraine or the Middle East conflict, focusing instead on 'ongoing wars and conflicts.'

(With inputs from agencies.)