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Egypt is participating in this week’s G20 preparatory meetings in Rio de Janeiro, Brazil, ahead of the G20 Social Summit, scheduled for 18-19 November, the Egyptian Ministry of Foreign Affairs said.

The Egyptian Ministry of Foreign Affairs stated that representatives of the world’s largest economies are expected to finalize key topics and negotiate the summit's final declaration.

El-Etreby noted that while the G20 primarily focuses on global economic issues, the current geopolitical tensions, specifically the ongoing Israeli aggression on Palestinian and Lebanese territories, will inevitably be present on the summit’s agenda, serving as a key discussion among leaders. He added that the G20 highly values Egypt's continued efforts to halt the Israeli conflict and prevent its escalation.

Egypt has actively participated in G20 meetings throughout the year, prioritizing national economic interests, El-Etreby pointed out. He added that Egypt’s priorities centered on rallying the G20 to adopt measures that alleviate the challenges faced by developing nations due to consecutive global economic crises.

El-Etreby explained that these efforts aim to enhance resilience against future crises through a comprehensive reform of the global economic system.He added that this reform should cover the financial, monetary, and trade sectors to strengthen developing nations' ability to secure financing for sustainable development plans and reduce debt burdens exacerbated by global inflation rates.

The reforms should also advance the localization of industries, promote technology transfer, including artificial intelligence applications, and improve access to global markets for goods and services from developing countries.

El-Etreby also stated that this Rio Summit marks Egypt's fourth participation in G20 summits since the group’s establishment.

In December 2023, the Brazilian government invited Egypt to participate as a guest in all G20 meetings during Brazil's rotating group’s presidency for one year.

The assistant FM clarified that the invitation reflects Egypt’s prominent role on the international and regional stages and its advocacy for developing countries, particularly in the Arab and African regions, in crucial economic and political issues on the global agenda.

He noted that the invitation further highlights the strong historical ties between Egypt and Brazil and both leaders' desire to strengthen relations in various areas in the coming period. This year marks the 100th anniversary of establishing diplomatic relations between Egypt and Brazil.

Egypt is one of Brazil's primary trading partners in Africa, particularly in agricultural products, while Brazil is Egypt's largest trade partner in Latin America. According to Paulino Franco de Carvalho Neto, Brazil’s ambassador to Egypt, trade between the two nations reached approximately $2.4 billion in the first 10 months of 2023.

The G20 is an international forum comprising the world's largest economies, representing about 80 percent of global GDP and 75 percent of international trade. It focuses on addressing significant global economic challenges through cooperation and policy coordination.

Brazil holds the rotating presidency of the G20, initiated in December 2023, lasting until 30 November 2024. In 2023, India held the G20 presidency and hosted the G20 summit.

The G20 group includes Saudi Arabia, Russia, the United States, the United Kingdom, China, the European Union, Argentina, Brazil, Australia, Canada, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Turkey, and South Africa.

Source: Ahram Online