Saudi news outlet Al Arbiya reported that the first G20 meeting hosted in the Arab world will be held in Riyadh (capital of Saudi Arabia), as announced on April 18, 2019. It will be the fifteenth meeting of the group and is scheduled on 21-22 November 2020. The crown Prince Muhammad Bin Salman welcomed hosting the G20 Summit during his speech at the closing session of the G20 Summit of 2019. He said that the kingdom is determined to work with all the countries “to find a consensus to crises in the world”. He also said that “The empowerment of women & youth is the key to global growth.”
G20, group of 19 countries of the European Union (EU), was founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability. The summits have been periodically held ever since then, between the heads of countries namely: Germany, US, China, Indonesia, France, Argentina, Australia, Brazil, South Africa, South Korea, India, UK, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia, Turkey (& the European Union) & have addressed the issues that goes beyond the responsibilities of any one organisation. It includes institutions like the “Bretton Woods Twins”, The World Trade Organisation & The International Monetary Fund.
The Summit’s agenda will include financial, economic, & social issues including energy, environment, agriculture, healthcare, education, labour, climate, the digital economy & trade. The possible guests invited in G20 Riyadh Summit are Pedro Sánchez- Prime Minister of Spain, Nguyên Xuân Phúc- Prime Minister of Vietnam, chairperson of the association of Southeast Asian Nations & Mark Rutte, Prime Minister of Netherlands.
Saudi Arabia has the world’s second largest oil reserves & tenth largest sovereign wealth fund. Since 2008 Washington meeting, it has been participating in the G20 Summits. It’s entry has increased its influence on global economy as a solid industrial & financial base. It’s appeal has grown after the launch of Saudi Vision 2030. It has grabbed the attention of global investors because it aims to diversify economy by implementing ambitious reforms. The kingdom has taken several steps in the field of monetary policy, financial sector & trade. It helped to reduce the impact of the global financial crises & enhance the performance of the Saudi economy. The economic and social transformations made by the kingdom has helped it to gain confidence and respect.
“Saudi Arabia is undergoing major economic and social transformation guided by its Vision 2030, which is closely aligned with core G20 objectives of achieving macro economic stability, sustainable development, women empowerment , enhanced human capital, and increased flow of trade and investment,” said a statement from the G20 Troika, a three -member country committee chaired by Japan. Last year’s G20 meeting was held in Buenos Aris, Argentina. There, Prince Salman represented the kingdom and met many leaders including Narendra Modi.
Everyone is looking forward for the upcoming meetings.
By Vidisha Kaithal
Literary Sources: wap.business-standard.com, saudigazette.com.sa
Image Source: Google Photos