Minister Champagne concludes successful G7 and G20 meetings in South Africa

From: Department of Finance Canada

News release

July 18, 2025 – Durban, South Africa – Department of Finance Canada

With global political and economic uncertainty abounding, strong relationships and cross-continental collaboration with reliable nations has never been more important. Canada is spearheading a new era of collaboration and partnership with nations it can trust and whose priorities it shares.

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today concluded his participation in the G7 and G20 meetings of Finance Ministers and Central Bank Governors (FMCBG) in Durban, South Africa – a key engagement under Canada's ongoing G7 Presidency and a demonstration of Canada’s commitment to strong international partnerships.

At the G20 meeting, Minister Champagne outlined Canada’s vision for the global economy, as well as for the international financial architecture, international taxation and ways to improve longer-term growth prospects for Africa. Discussions during the meeting included the importance of sustainable finance and the role of resilient infrastructure in supporting economic development.

The Minister leveraged the occasion to engage in a series of bilateral meetings with his counterparts, further strengthening Canada’s relationships and fostering collaboration with key global partners. This included meetings with Ministers from Indonesia, Australia, the United Arab Emirates, Norway, Sweden, Singapore, Italy, the United Kingdom, Saudi Arabia and  Japan, along with pull-asides with South Africa and Denmark.

On the margins of the G20 meeting, Minister Champagne co-chaired with Tiff Macklem, Governor of the Bank of Canada, the fourth G7 Finance Ministers and Central Bank Governors’ meeting under Canada’s G7 Presidency. Discussions focused on ways to work together to reduce the ongoing trade and economic policy uncertainty, notably by establishing new uninterrupted trade routes with reliable partners and lifting existing barriers to trade. Russia’s illegal and unjust war against Ukraine, and actions to improve supply chain resilience including for critical minerals, were also discussed. Australia and South Korea joined the discussion on supply chains.

During a short stay in Cape Town prior to the G7 and G20 meetings, Minister Champagne also met with local business leaders and government officials to advance Canada’s goals of partnership, economic development and innovation. 

Quotes

“We live in a complex and fast changing world. Co-operation with reliable partners is more important than ever, and these meetings are an opportunity to make progress on this front. Through our G7 Presidency, we will shape the global agenda, working with allies and partners to grow our economies, defend Canadians’ interests, and address the most pressing global challenges.”

- The Honourable François-Philippe Champagne,
Minister of Finance and National Revenue

Quick facts

  • Canada assumed the Presidency of the G7 on January 1, 2025, the seventh time that it has done so. 

  • In addition to the Leaders’ Summit held in Kananaskis in June, Canada is hosting a number of G7 engagement group and ministerial meetings in 2025, including on the margins of other international meetings abroad. 

  • Canada hosted a G7 FMCBG meeting in May in Banff, which focused on the global economy, unsustainable global imbalances, and ways to promote growth and productivity.

  • The G20 is the primary forum for international economic cooperation among the world’s leading developed and emerging economies.

  • The G20 comprises nineteen countries and two regional unions, representing over 85% of the world’s GDP, over 75% of global trade, and more than 66% of the world's population.

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Contacts

Media may contact:

John Fragos
Press Secretary
Office of the Minister of Finance and National Revenue
john.fragos@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca

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2025-07-18