World FMs to miss G20 meeting as global divisions engulf coalition: FT
3 Min Read
The G20 has faced growing irrelevance due to deepening US-China tensions and disagreements over the response to the Russia-Ukraine conflict.
-
Delegates arrive at the G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa, on Wednesday, February 26, 2025. (AP)
Several finance ministers from major economies, including India, China, Brazil, and Mexico, are expected to skip this week’s G20 meetings in South Africa, highlighting the group's declining influence amid global divisions.
US Treasury Secretary Scott Bessent announced he would skip the meeting following US Secretary of State Marco Rubio's decision to not "waste taxpayer money or coddle anti-Americanism." Japan’s Finance Minister Katsunobu Kato will also be absent, citing domestic priorities, while the EU’s Valdis Dombrovskis is expected to remain in Brussels.
The G20 has faced growing irrelevance due to deepening US-China tensions and disagreements over the response to the Russia-Ukraine conflict.
Analysts warn that the low attendance at the G20 meetings further weakens global cooperation, especially as US President Donald Trump challenges key aspects of the postwar international order. However, South African Reserve Bank head Lesetja Kganyago downplayed concerns, emphasizing that all G20 members would still be represented.
While some key figures, including US Federal Reserve Chair Jay Powell and ECB President Christine Lagarde, will attend, the G20’s influence has sharply declined compared to its pivotal role during the global financial crisis, according to the Financial Times.
South African President Cyril Ramaphosa acknowledged divisions among major powers, including within the G20. Last week’s G20 foreign ministers’ meeting ended without a joint statement, reflecting these tensions. At the B20 meeting in Cape Town, the US government's absence was noted, but business leaders reassured that American companies remain committed to cooperation.
The ministerial meetings will inform G20 leaders ahead of their November summit in South Africa, though Trump’s attendance remains uncertain.
US, South African tensions on the rise
The absence of US officials Scott Bessent and Marco Rubio follows Donald Trump’s criticism of South Africa over land expropriation policies, prompting Mark Sobel, a former US Treasury official, to describe the G20 as "very weakened" and criticize Bessent’s absence as a mistake.
Tensions between the United States and South Africa have increased in recent weeks, after concerns from Trump about South Africa's land policy and its legal case against "Israel" at the International Court of Justice (ICJ).
Trump accused South Africa of land theft and treating certain people "very badly" earlier this month and signed an executive order halting financial assistance to the country.
US Secretary of State Marco Rubio subsequently canceled a trip to Johannesburg for a meeting of G20 foreign ministers.
South Africa's Foreign Ministry strongly criticized the executive order, calling it factually incorrect and dismissive of the country's history. "It lacks factual accuracy and fails to recognize South Africa's profound and painful history of colonialism and apartheid," a ministry statement said.
Government officials also condemned the refugee provision, stating, "It is ironic that the executive order makes provision for refugee status in the US for a group in South Africa that remains amongst the most economically privileged, while vulnerable people in the US from other parts of the world are being deported and denied asylum despite real hardship."
Read more: South African president rejects Trump’s threat: We will not be bullied
