In an interview with Today's Zaman in Mexico City, Ambassador Aranda said the voice of developing economies will have a bigger clout in the summit to be held on June 18-19 in Los Cabos, when Mexico assumes the rotating annual presidency of the G20, a grouping of the 20 largest economies in the world.
“We are very much aware of what is happening in the world, especially in the eurozone where the economic crisis is still very much in effect. But there are other emerging countries that are developing nicely. Macroeconomic indicators in these developing countries are good. The G20 summit will focus on these economies as well,” Aranda explained, stressing that Mexico will take note of concerns raised by developing countries.
She underlined that the Mexican G20 presidency's priorities will focus on economic stabilization and structural reforms as foundations for growth and employment, strengthening the financial system and fostering financial inclusion to promote economic growth, improving the international financial architecture in an interconnected world, enhancing food security and addressing commodity price volatility and promoting sustainable development, green growth and the fight against climate change.
However Aranda also drew attention to the commitments made in earlier G20 summits, saying that Mexico will push for medium and long-term solutions to keep track of these commitments and devise follow-up mechanisms to ensure their success. “We cannot start everything afresh,” she said, adding that follow-up mechanisms are needed to monitor the progress of pledges made by countries. She hinted that this would be the legacy of the Mexican presidency of the G20. Considering that the G20 has no permanent secretariat or formal structure, establishing follow-up mechanisms is important.
Noting that Mexico was not naïve about the developments taking place in the economy, especially the eurozone economic crisis, Aranda mentioned that decisions taken at the summit by world leaders might determine whether “we are coming out of the crisis or going back to the crisis. We are very much concerned about the eurozone crisis.”
Aranda did not hide her resignation to the fact that the summit would take place under the shadow of both the crisis in the Europe and increasing protectionism around the world, saying that Mexico has no control over these external developments. “We know that that our presidency was overshadowed by them,” she said, stressing that economic recovery would take some time.
Aranda also expressed concern over the increasing protectionism in the world and in Latin America. “Mexico believes in open trade and advocates liberal trade to stimulate economies,” she said, noting that these issues will be discussed at the summit.
Praising Turkey's role and contribution to the G20 summit, Aranda said “I work hand in hand with Mehmet Tuğrul Gücük, the deputy undersecretary for economic affairs and Turkey's sherpa for the G20. It was very satisfying to work with the Turkish government on the G20.”
Commenting on the last G20 sherpa preparatory meeting held in May, Aranda said that “the meeting went very well. We are moderately optimistic about bringing results in medium and long-term goals.” She anticipated that agreements that will be adopted in Los Cabos will have a positive impact on global economic stability and sustainable development and growth.
Aranda oversees the sherpa track of the summits which focuses on non-economic and financial issues such as development, anti-corruption and food security, while addressing internal aspects such as procedural rules of the G20 process. The finance track concentrates on economic and financial issues and is overseen by finance ministers and central bankers.
The origin of the term sherpa comes from a name given to the tough and resilient Nepalese guides who help mountaineers scale Himalayan peaks. The G20 sherpas work on ongoing negotiations, draft final communiqués, carry out important planning and implementation tasks and, like the real sherpas, must possess endurance and patience.