Speaking at the G20 finance summit in Cape Town, Ramaphosa stressed the importance of a strong, rules-based global order, particularly amid rising geopolitical tensions.
His remarks come at a time of growing fractures in international relations, with key diplomatic players absent from crucial discussions. Notably, US Treasury Secretary Scott Bessent skipped the summit, following in the footsteps of US Secretary of State Mark Rubio, who also snubbed a similar event just a week prior. Rubio’s decision to abstain was reportedly in response to what he claimed was Pretoria’s “anti-Americanism.”
Beyond addressing the need for multilateral cooperation, Ramaphosa also pushed for innovative financing and insurance solutions to help vulnerable nations combat climate-induced disasters. He underscored the necessity of global financial institutions playing a bigger role in mitigating the economic impact of climate change on developing economies.
As geopolitical tensions continue to shape the global economic landscape, Ramaphosa’s call for renewed commitment to multilateralism highlights the growing divide between global powers and emerging economies. With the absence of key US officials casting a shadow over the summit, the question remains whether international cooperation can withstand the current strains or if economic diplomacy is headed for an even deeper rift.
