By Kingsley Asiedu
Ambassador Albert Munchanga, Commissioner for Economic Development, Trade Industry and Mining (ETIM), has outlined the African Union’s vision for participation in G20.
Amb Munchanga made the pronouncement while speaking to the media on the sidelines of the 6th AU Mid-Year Coordination Meeting in Accra.
The G20, established in 1999, is a premier forum for international economic cooperation, promoting policy coordination, global economic stability, and sustainable growth. The AU, the latest entrant, will be represented by the Chairperson and Commissioner.
According to Amb Munchanga, the AU’s participation will focus on key areas, including international financial cooperation, infrastructure, sustainable finance, debt servicing, and quality investment principles. The AU will also engage in discussions on education, the digital economy, corruption, employment, energy transition, and the environment.
Ambassador Munchanga highlighted the AU’s priorities, including achieving Agenda 2063 and SDGs, reforming the international financial architecture, ensuring international food security and agriculture, promoting just energy transition, and investing in health, including vaccine manufacturing.
The AU has been actively participating in G20 meetings, with 127 meetings held so far, and will continue to engage in ministerial meetings and negotiations leading up to the Leaders Summit in November.
Touching on the need for Africa to Bolster Trading Capacities, Amb. Munchanga highlighted the pressing need for Africa to enhance its trading capacities in the capital markets, particularly in the context of commodity exports and the ongoing climate transition.
According to him, the United States manufacturing industry is heavily dependent on the production and export of commodities, while Africa must focus on developing two key capacities to address these issues.
Amb Munchanga also emphasized the importance of promoting carbon accounting and negotiating favourable deals, which can help African nations improve their trading position. “That way, we are going to get better,” he noted.
The Commissioner also touched on the European Union’s introduction of the Carbon Border Adjustment Mechanism (CBAM) and the deforestation regulations, which present both challenges and opportunities for African countries. He stressed the need to build the necessary capacities to meet the standards set by these legal frameworks and successfully export to the European Union.
Additionally, the Commissioner mentioned the US Foreign Pollution Control Act, which requires African nations to develop internal capacities to meet environmental standards for exports to developed countries. While acknowledging the issues of protectionism, the speaker emphasized the importance of building these capacities to become more competitive in the global market.
Amb Munchanga highlighted the pressing need for Africa to strengthen its trading capacities, address environmental concerns, and overcome the impediments to ensure its competitiveness in the global capital markets.
The Commissioner emphasized the AU’s commitment to ensuring that African voices are heard and interests represented in the G20 and that the continent’s priorities are addressed.