Mexico’s participation in G20 will focus on invasion of Ukraine, inflation and rates: SRE

Arturo Sanchez Jimenez

Newspaper La Jornada
Tuesday, November 8, 2022, p. fifteen

At the next meeting of the Group of Twenty (G20), Mexico will focus on the Russian invasion of Ukraine, global inflation and the rise in rates in central banks, Foreign Minister Marcelo Ebrard announced yesterday.

After participating in a forum on security held at the Ministry of Foreign Affairs (SRE), Ebrard said that the discussion in the G20 of these issues will not be easy.

The summit will be held on November 15 and 16 in Bali, Indonesia, and will focus on the recovery of nations after the pandemic.

Ebrard, who will represent Mexico in the conclave of the 20 largest economies in the world, said that the first topic of interest for the country is of course the conflict between Russia and Ukrainewhich has resulted, among other points, in a problem of food security because there are many countries that depend on Russia and Ukraine for grains and fertilizers.

The second is the issue of the behavior of the prices of the products inflation is worrying, everything is going up, all financial institutions are raising interest rates and that can create an economic slowdown. For this reason, another of the main reasons for concern of the G20 is how to stabilize or reduce inflation and recover economic growth.

He added that Mexico will seek to address these issues, but it’s not going to be easy; We have been working for many weeks, but the fact of meeting, discussing face to face, is always good and we will be there, Mexico has been participating all the time and now I will do it in the plenary session.

The G20 is made up of Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, the United States, France, India, Indonesia, Italy, Japan, Mexico, the United Kingdom, Russia, South Africa, Turkey, and the European Union. European. Together, the members of the organization represent about 90 percent of the world economy and 80 percent of international trade.