Saudi Arabia Participates at G20 Trade and Investment Ministerial Meeting in Brazil
Saudi Arabia’s General Authority of Foreign Trade (GAFT) has participated at the G20 Trade and Investment Ministerial meeting in Brasilia, Brazil.
According to the Saudi Press Agency (SPA), GAFT’s Acting Governor, Mohammad Abdul Jabbar, has led the Saudi delegation on behalf of the Minister of Commerce and Chairman of the Board of Directors, Majid Al-Kassabi.
Important Topics
The meeting primarily focused on certain topics, as follows:
- The reform of the World Trade Organization (WTO)
- Sustainable development in trade and investment
- The improvement of the multilateral trading system
- Women’s participation in international trade
WTO’s Role
Abdul Jabbar stressed the WTO’s pivotal role in international trade and multilateral trading system.
Moreover, he underscored its unwavering support for addressing the challenges and developments of global economy and trade.
Saudi Women
In an exceptional remark, the Governor commended the central role of Saudi women in accelerating the Kingdom’s economic progress and international trade.
Steered by Vision 2030, Saudi Arabia has launched several initiatives and policies to empower women, boost their skills, and address the challenges they encounter.
This can be evidenced by the fact that the Kingdom’s World Bank index for women, business, and law has increased from 25 in 2019 to 71 in 2023.
Consequently, Saudi women’s participation in the workforce hiked from 17.4% in 2017 to 34.6% in 2023.
Furthermore, their proportion of small and medium enterprises reached 42%.
Sustainable Development
“The Kingdom has made substantial progress in achieving the Sustainable Development Goals (SDGs). The National Investment Policy has facilitated the expansion of economic diversity,” Abdul Jabbar stated.
He also explained that Saudi Arabia has adopted supportive policies and standards to position the Kingdom as a global investment hub for sustainable development.
Therefore, the Kingdom has been highly interested in bringing the best practices and aligning global efforts with SDGs.
Thus, it has already paved the way towards a more sustainable, resilient and prosperous economy.
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