China, Africa call for reformed international financial system, improved Global South financing

China and Africa have jointly called for a universally beneficial and inclusive economic&ensp;globalization that meets the common needs of all countries, especially the developing countries, and attach great importance to the&ensp;concerns&ensp;of&ensp;African countries. ALSO READ: Kagame: Now is the time to make international financial system fit for purpose This is highlighted in the “Beijing Declaration on Jointly Building an All-Weather China-Africa Community with a Shared Future for the New Era” published on September 5 by the China’s Ministry of Foreign Affairs. ALSO READ: FOCAC 2024: China commits $50bn to Africa At the FOCAC Summit, which began on Thursday with various African leaders in attendance, Chinese President Xi Jinping, among others, committed up to $50 billion in support to the African countries, which will take various forms including credits and grants. ALSO READ: Africa demands ‘fair international finance architecture’ The declaration was adopted by the Heads of State, Government and delegations of China and 53 African countries,&ensp;and the Chairperson of the African Union Commission, who gathered in China from September 4 to 6 for the 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). ALSO READ: Kagame’s statement at 2024 FOCAC Summit The declaration states that: “China and Africa jointly call for a universally beneficial and inclusive economic&ensp;globalization that meets the common needs of all countries, especially the developing countries, and attach great importance to the&ensp;concerns&ensp;of&ensp;African countries. We call for reforming&ensp;the international financial system and improving&ensp;development financing for countries in the Global South to realize common prosperity&ensp;and better meet the development needs of African countries.” ALSO READ: Xi’s statement at 2024 FOCAC Summit opening ceremony “We will take an active part in and promote the reform of multilateral financial institutions, including quota, special drawing rights and voting rights reform of the World Bank and the International Monetary Fund (IMF). We call for increasing the representation and voice developing countries, so that the international monetary and financial systems will better reflect the changes in the international economic landscape&ensp;in a more just way.” As noted, China and Africa will continue to uphold the core values and&ensp;basic&ensp;principles of the World Trade Organization (WTO), oppose attempts to decouple with others&ensp;and&ensp;sever supply chains, resist unilateralism and protectionism,&ensp;safeguard the&ensp;legitimate interests&ensp;of the developing members, including China and African countries, and add vitality and momentum to global economic growth. The declaration notes that China supports the 14th Ministerial Meeting of the WTO to be held in 2026 on the African continent, in generating development-oriented outcomes. “China and Africa will actively participate in the reform of the WTO and believe that the reform should aim at building an inclusive, transparent, open, non-discriminatory and fair multilateral trading&ensp;system. “It needs to reinforce the centrality of developmental agenda in the WTO work, and have a full and well-functioning dispute settlement mechanism, while preserving the fundamental principles of the WTO.” As noted, the 2024 FOCAC Summit condemned the “unilateral coercive measures” imposed by some developed countries, which infringe on the right to sustainable development of developing countries, and&ensp;measures of unilateralism and protectionism&ensp;adopted under the pretext of addressing climate change and protecting the environment, such as the Carbon Border Adjustment Mechanism (CBAM). It adds: “We will stay committed to building safe and stable supply chains for key minerals, to benefit the entire world and promote the sustainable development of Chinese and African peoples. “We welcome the initiative of the U.N. General Assembly to establish a panel to advise on how to enhance international cooperation with regard to critical energy transition minerals. We call for helping supplying countries of raw materials to increase the value of their industrial chains.” Since its establishment in 2000, FOCAC has focused on realizing common prosperity and sustainable development for the peoples of China and Africa. The Forum has become “an efficient and unique platform” for South-South cooperation that offers reference and a forerunner of Africa’s cooperation with the rest of the world.

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China, Africa call for reformed international financial system, improved Global South financing