Norway to continue as guest country in G20

Press release | Date: 03/12/2024 | Office of the Prime Minister, Ministry of Finance, Ministry of Foreign Affairs

On Tuesday, 3 December, South Africa announced that Norway will continue to participate as a G20 guest country under the South African G20 Presidency. Norway had status as a guest country in 2024 under the Brazilian presidency.

'As a guest country of the G20 this past year, Norway has been able to exert influence on issues that are of importance to our country. These include efforts to promote the green transition, including Norwegian solutions in carbon capture and storage. We have also played a prominent role in questions related to sustainable ocean management and cooperation on anti-corruption efforts. The invitation from South Africa to continue to take part in the work of the G20 next year is a major vote of confidence. It acknowledges Norway's efforts at the international level and affirms the excellent cooperation we have had with South Africa over many years,' said Prime Minister Jonas Gahr Støre.

'The world has become even more dangerous and unstable in recent years. It is becoming increasingly vital to support and participate actively in the international arenas that are functioning well. The G20 is one of those arenas. Norway enjoys a high level of trust from many countries, which is why we can help make a difference,' said Minister of Foreign Affairs Espen Barth Eide.

The G20 is made up of 19 of the world's largest and most important economies, the EU and the African Union (AU). Over the years, the G20 countries have played a vital role in dealing with global crises, driving essential international processes and addressing challenges such as poverty, climate change and global governance.

Combined, the G20 countries represent 80 % of global GDP, 75 % of global trade and about two-thirds of the world's population. The work carried out by the G20 has a direct impact on Norway because Norway exports and imports many goods and services from and to the G20 countries, and there are major cross-border investments with these countries. The G20 is also a driving force in establishing a regulatory framework and key conditions that will affect Norway. Thus, it is a crucial forum for promoting Norwegian interests.

Decreases polarisation and encourages stability

The G20 has played a vital role in efforts to regulate the finance market and facilitate international tax cooperation. It has helped to make Norwegian banks more secure and has fostered a fairer, more stable international taxation system with new tools in the fight against tax havens and terrorist financing.

'We view the invitation from South Africa as a validation of the constructive role Norway has played as a guest country, in a year where hunger, inequality and international tax issues have been key priorities. Norway is one of the world's leading countries with regard to equitable distribution of social and economic goods and we have a taxation system that has a broad tax base and that is designed to provide optimal benefit to society. I look forward to continuing our fruitful and interesting discussions on taxation. Participation in the G20 allows Norway to help to find solutions that decrease polarisation and encourage stability,' said Minister of Finance Trygve Slagsvold Vedum.

In an increasingly globalised world, cooperation across national borders is essential to maintain economic growth and stability.

'Stability in the world economy is particularly important for a small country like Norway. Participation in the G20 enables us not only to work actively to achieve constructive economic cooperation at the global level, but also to ensure that the interests of small, open economies are addressed. Close international cooperation makes it easier to create good, stable conditions for Norwegian companies of all sizes. The G20 draws up common policies that influence the investment climate, and thus our national savings in the Government Pension Fund Global. The G20 will also be an arena where we can take part in dealing with the new challenges emerging in the area of international trade,' said the Minister of Finance.

Norway and South Africa have had close, constructive cooperation for several decades. The two countries recently co-chaired the Facilitation Council of the Access to COVID-19 Tools Accelerator (ACT-A), a global partnership to accelerate development, production and equitable access to vaccines as part of the pandemic response. Norway and South Africa have also worked together closely on issues relating to gender equality, UN reform and peace and reconciliation.