G20 Finance Chiefs Stress Central Bank Independence in Durban Communique

In Durban, South Africa, leaders from the G20 countries have come together to underscore the crucial role of central bank independence amidst ongoing global economic uncertainty. A communique issued at the conclusion of their two-day meeting stressed bolstering collaboration and strategic macroeconomic management, despite sidelining overt mentions of climate change or specific trade tariffs.

The absence of U.S. Treasury Secretary Scott Bessent was notable, as the U.S. prepares to assume the G20's rotating presidency in December. Yet, Michael Kaplan, acting undersecretary of the Treasury for international affairs, represented Washington, ensuring continued engagement from the United States on global economic issues.

While the communique acknowledged the importance of the World Trade Organisation in advancing trade discussions, it called for necessary reforms. The communiqué's issuance is being seen as a diplomatic success, setting the stage for future discussions under U.S. leadership, despite contentious issues such as the Russia-Ukraine conflict being left unaddressed.

(With inputs from agencies.)