The recent G20 Summit held in Johannesburg, South Africa, marked a pivotal moment in international economic governance. Taking place on November 13-14, 2023, the summit emphasized the shifting dynamics within the G20, particularly as emerging markets assert themselves more prominently on the global stage. South Africa’s Deputy Minister of International Relations and Cooperation, Alvin Botes, highlighted the significance of this moment, noting that the summit was less about sports and more about shaping the future of global economic policy.
This gathering, part of South Africa’s Think20 (T20) Summit, focused on key issues impacting the Global South, particularly as the country concludes its four-year G20 presidency cycle. The discussions underscored a growing demand for a more equitable global economic framework, reflecting both aspirations and frustrations of emerging economies.
South Africa’s leadership in securing the adoption of a 122-point Leaders’ Declaration at the summit’s outset was notable. This early adoption, which occurred without the endorsement of the United States but with support from other G20 members, demonstrated a shift toward a more assertive emerging market coalition. For the first G20 held in Africa, this step was significant, indicating a willingness among these nations to influence global agendas on their own terms.
Concerns regarding the stability of the global economic order were prevalent throughout the summit. Participants expressed unease about the unpredictable nature of U.S. economic leadership. Tools such as tariffs, export controls, and financial sanctions were noted as increasingly used without clear guidelines, impacting the stability of emerging markets. The T20 communiqué emphasized the need to reduce reliance on a single dominant currency, reflecting these concerns.
Despite these challenges, participants recognized the indispensable role of the United States in the global system. The discussions highlighted the focus on critical issues such as adaptation finance, debt sustainability, and access to essential minerals, all of which continue to rely heavily on U.S. support. The goal was not to dismantle existing structures but to diversify risks and push for greater accountability from Washington.
The emergence of artificial intelligence (AI) as a central issue during the summit revealed additional imbalances in the global economic landscape. The concentration of AI resources, including computing power and quality datasets, in a few countries raised concerns for emerging markets. Participants highlighted the risks of dependence on foreign technology and called for governance frameworks that better reflect their developmental needs.
AI discussions transitioned from a technical niche to a key component of broader debates about industrialization, labor markets, and national sovereignty. The demand for open-source models and regional collaboration indicated a desire for a more inclusive approach to technology governance.
As the G20 agenda expands to encompass development finance, climate adaptation, and inclusive growth, it is clear that emerging markets are no longer merely responding to external pressures. They are now actively setting agendas and forming coalitions. This evolution was underscored by the recognition that Africa is crucial to global energy transitions and supply chain diversification, particularly in the context of strategic competition between the United States and China.
Infrastructure development emerged as a critical topic during the summit. While participants agreed on the need for improved transport, energy, and digital connectivity, there was less consensus on the methods and terms for achieving these goals. Many expressed frustration that current Western-backed initiatives primarily facilitate the extraction of raw materials rather than fostering domestic industrial growth. The focus shifted from merely supplying minerals to global markets to ensuring that more value is retained within African countries.
The G20 Leaders’ Declaration reflected this shift. It emphasized the need for “resilient” and “stable” critical minerals value chains, aligning with the interests of import-dependent economies. African officials utilized their leverage within these value chains to advocate for value addition at the source and for corridors that enhance intra-African trade under the African Continental Free Trade Area.
While the adoption of the declaration was a positive step, it also highlighted a structural issue within the G20. As the agenda continues to expand, the capacity to fulfill commitments appears to be diminishing. With infrastructure and critical minerals now core topics alongside debt, trade, and financial regulation, the forum faces challenges in maintaining political commitment and delivery capabilities.
Looking ahead, the upcoming G20 presidency transition in 2026 presents an opportunity for the United States to lead on pressing issues such as debt transparency and energy security. Despite existing geopolitical tensions, G20 members confront shared economic challenges, including rising debt burdens and climate adaptation needs. Maintaining the G20’s relevance will depend on the ability of major powers to address emerging market expectations and identify areas for collaboration, even as broader consensus becomes increasingly difficult.
In summary, the G20 Summit in Johannesburg underscored the evolving landscape of global economic governance. Emerging markets are asserting themselves more robustly, advocating for a system that reflects their priorities and needs. The actions taken and agreements reached during this summit may very well shape the future of international economic relations.
