G20 Leaders Near Agreement On Key Global Issues

Finance leaders from the world’s largest economies were on the verge of reaching a shared position on global trade and other pressing matters during their summit on Friday, marking what could be their first unified stance since the election of U.S. President Donald Trump and the onset of tariff tensions.

This meeting comes after a failed attempt to produce a joint statement earlier this year, during a February gathering, which had disappointed the host nation, South Africa.

If a consensus is finalized at the current discussions taking place in Durban, it would mark a significant step forward even though G20 declarations are symbolic and not legally enforceable, and the final language remains to be seen.

“I don’t think it’s a secret. It hasn’t been issued yet, but there’s going to be a communique,” said Raymond Gilpin on Friday.

Another participating official noted cautious hope, saying the group was edging closer to producing a formal communique. That sense of optimism was echoed by multiple delegates.

“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,” said Dutch Finance Minister Eelco Heinen.

This year, South Africa has focused on advancing a continent-wide agenda under the theme Solidarity, Equality, Sustainability. Key topics have included tackling the high cost of borrowing and mobilizing resources to combat climate-related risks.

Participants worked toward developing unified statements addressing global economic uncertainty and climate financing, while also navigating sensitive discussions surrounding trade policies.

Some officials indicated that the final draft might highlight the value of open markets while avoiding direct criticism of tariff practices, and could refer to “extreme weather events” rather than explicitly using the term “climate change.”

Negotiators reportedly faced difficulty identifying terms acceptable to Washington, particularly given the absence of U.S. Treasury Secretary Scott Bessent, who skipped the two-day gathering.

This was not the first time Bessent was absent he had also missed the February meeting, which saw limited attendance from several other key nations including China, Japan, and Canada, despite the U.S. preparing to take over the rotating G20 presidency later this year.

Though Bessent’s nonattendance posed challenges, insiders noted that the U.S. had still been participating in background conversations on global trade, economic matters, and environmental policy wording.

Tarrif Threats

Finance heads from several major economies, including Brazil, India, China, France, and Russia, did not attend the Durban summit. However, the South African Reserve Bank Governor, Lesetja Kganyago, emphasized that every member country had a presence at the table.

Despite full representation, the weight of U.S. trade policies under Trump loomed large, disrupting international trade norms and affecting global market confidence.

German Finance Minister Lars Klingbeil, speaking during side talks with G7 counterparts, pressed for swift resolution to the global trade standoff.

“What I take home from this is that I hear a lot of countries advocating for free trade and the importance of free trade. It’s under pressure right now. It’s not good for the world,” the Dutch finance minister added.