G20 Foreign Ministers meet | Consensus on strengthening multilateralism, says WTO DG
Ngozi Okonjo-Iweala said that one specific initiative that was discussed at the G20 Foreign Ministers' meeting was the Black Sea Grain initiative, which is seen as crucial for many poor countries.
There was a remarkable consensus among G20 Foreign Ministers about the importance of strengthening multilateralism, said Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO) even though the meeting was marred partly by the Russia-Ukraine war issue.
Speaking to CNBC-TV18, she said, “There was tension in the room given the war in Ukraine but there was also a remarkable consensus about the things that matter. The fact that multilateralism needs to be strengthened and is the way to go. The fact that we cannot solve today’s global problems - be it pandemic, the war in Ukraine, the high energy prices, high food prices, climate change, all need multilateral solution. So in the room there was that agreement.”
Every delegation in the G20 wanted to find a way to resolve the conflict between Russia and Ukraine, and there was a shared recognition that developing countries were disproportionately impacted by the war, as well as the other challenges faced by the global community.
In addition to the immediate concerns, the G20 meeting also highlighted the need to address the debt situation faced by many developing countries. There was agreement that the global community needed to find ways to support these countries and help them overcome their financial challenges.
“There was also a push for peace, almost every delegation wants a solution to the war, so that was some kind of an uniting theme. There was also an agreement that developing countries are really being impacted by these multiple crises, we need to solve the debt situation that they are in, we need to create more fiscal space for poorer countries and developed countries need to be able to assist to get these things done,” Iweala said.
Iweala added that one specific initiative that was discussed at the meeting was the Black Sea Grain initiative, which is seen as crucial for many poor countries. She said there was pressure on Russia to continue with this initiative, while Russia was also keen to see its own goods evacuated. She emphasised that keeping the Black Sea corridor open was essential to avoid a devastating impact on many regions.
(Edited by : Pradeep John)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP replaces Poonam Mahajan with lawyer Ujjwal Nikam for Mumbai North Central Lok Sabha seat
Apr 27, 2024 7:53 PM
Meet Amritpal Singh, the separatist leader contesting Lok Sabha polls from Punjab's Khadoor Sahib
Apr 27, 2024 7:18 PM