Canada at the G20: Navigating a Shifting Global Economy

This year’s G20 Summit made one thing unmistakably clear: the centre of gravity in the global economy is shifting—fast. With nations representing three-quarters of the world’s population, two-thirds of global GDP, and three-quarters of global trade gathered together (even without formal U.S. participation), the G20 showcased how power and opportunity are diffusing across the globe.

The last century was shaped by the concentration of capital, production, and power. The next will be shaped by technology diffusion, energy transformation, and the rise of the Global South. For countries like Canada, the challenge—and opportunity—is not simply to endure this shift but to prosper within it. That means embracing a new economic strategy.

Canada’s Strategy: Diversify, Partner, Invest

Canada is already moving. We’re signing new agreements, expanding trade relationships, and attracting billions in investment to strengthen our economy for the long term.

During this year’s summit under South Africa’s presidency—centered on solidarity, equality, and sustainability—Canada doubled down on its approach:

1. Expanding Our Presence in Africa

Canada announced the opening of FINDev Canada’s new office in Cape Town. This office will support sustainable development projects while creating new opportunities for Canadian businesses across the continent—especially in fast-growing sectors.

2. Deepening Canada–South Africa Economic Ties

Canada and South Africa agreed to begin discussions on a Foreign Investment Protection Agreement. This would boost private-sector engagement in infrastructure, clean energy, and critical minerals—areas central to both countries’ economic futures.

3. Advancing Critical Mineral Cooperation

Building on the G7’s standards-based markets roadmap, Canada and South Africa agreed to continue discussions on responsible sourcing and investment protection for critical minerals. This sector will define the next generation of manufacturing, energy, and technology.

4. Supporting Multilateralism in a Fragmented World

With 62 leaders at the table, the G20 remains one of the world’s most important multilateral forums—if countries are willing to engage. Canada is committed to being one of those countries.

Even as geopolitical blocs harden and protectionism rises, Canada sees the G20 as a vital bridge between regions, economies, and perspectives. The summit made progress—but also revealed how challenging global cooperation has become.

5. Coordinated Action on Ukraine

Canada worked closely with a core group of European leaders and Japan to forge a shared position on the situation in Ukraine. That coordinated stance is now being developed further by national security advisors meeting in Geneva. Canada is staying closely involved, with follow-up conversations—including with President Zelensky—already underway.