South Africa: Ministers Lamola and Tau Lead SA Delegation At 2025 OECD Meeting in Paris

Minister of International Relations and Cooperation Ronald Lamola and Minister of Trade, Industry, and Competition Parks Tau arrived in Paris on Monday. They will lead South Africa's delegation at the 2025 OECD Ministerial Council Meeting.

The two-day meeting starts today and ends on Wednesday. Costa Rica chairs the meeting, with Australia, Canada, and Lithuania as Vice-Chairs. The OECD is a forum for data, analysis, and public policy best practices.

This week's discussions will focus on resilient, inclusive, and sustainable prosperity. Topics include rules-based trade, investment, and innovation. OECD members will engage in high-level talks with non-member partner countries to set international policy priorities.

The Department of International Relations and Cooperation (DIRCO) stated that Ministers Lamola and Tau will call for urgent action regarding high interest rates for African nations. These countries face a 500% premium to access international capital. This issue was noted in the 2024 African Development Bank's Economic Outlook report.

Ministers Lamola and Tau will emphasize that African countries pay much higher interest rates on global bonds compared to multilateral loans from institutions like the World Bank. They will advocate for OECD-G20 collaboration to address this disparity.

As the holder of the G20 Presidency, South Africa has proposed reforms for affordable capital access for climate-resilient infrastructure. The country seeks sustainable solutions through dialogue and cooperation. The statement emphasized that multilateral cooperation is essential; unilateral actions could reverse progress made over decades.

Financing development is crucial for Africa's growth and urban sustainability. The meeting supports South Africa's G20 Presidency goal of fair finance access. "Rules-based systems must prioritize fair capital access," said DIRCO.

Lamola believes South Africa's presence in Paris shows commitment to removing financial barriers hindering Africa’s development. "Africa's prosperity cannot be deferred," he stated.

Tau added that South Africa aims to achieve four strategic goals through its engagement with the OECD: higher investment, inclusive economic growth, addressing unemployment, poverty, and inequality.