The Acting Governor of the Authority, Mr. Mohammad Alabduljabar, on behalf of the Minister of Commerce and Chairman of the Board of Directors, Dr. Majid Alkassabi, participated at the G20 Trade and Investment Ministerial meeting in Brasilia, Brazil.
This year's Trade and Investment Working Group priorities addressed the World Trade Organization's (WTO) reform and strengthening of the multilateral trading system, women's participation in international trade, and sustainable development in trade and investment.
The Governor of the Authority emphasized the importance of the WTO in international trade, which has strengthened an open and rules-based multilateral trading system, its effectiveness to address global trade and economic developments and challenges that require advancing addressing existing issues while building on members' commitments and the principles and outputs of the Riyadh Initiative for the Future of the WTO.
Moreover, he commended the Saudi women's participation in the Kingdom's economic development and international trade, driven by Saudi Vision 2030, which empowered women through various initiatives and policies. As the Saudi Arabia score in the World Bank’s Women, Business and the Law Index rose from 25 in 2019 to 71 in 2023, women’s ownership reached 42% of SME’s and the workforce participation rose from 17.4% in 2017 to 34.6% in 2023.
Also, he added that Saudi Arabia has made significant progress in achieving integrated sustainability goals. The national trade and investment strategies focus on economic diversification and adopting sustainable policies and standards to make the Kingdom a global investment center for sustainable development. By sharing the best practices and aligning global efforts with sustainable development goals, we can pave the way for a more sustainable, resilient and prosperous economy that benefits everyone.
On the sidelines, the Governor of the Authority held bilateral meetings with the heads of participating delegations, the Vice Minister of Commerce of China, Mr. Wang Xuan, and the Deputy Minister of Commerce of Turkey, Mr. Mustafa Tuzcu, also held side meetings with the Minister of Commerce of New Zealand, Mr. Todd MccLay, the Deputy Prime Minister, Minister of Trade and Industry of Singapore, Mr. Gan Kim Yong, Minister of State for Foreign Trade of the UAE, Dr. Thani bin Ahmed Al Zeyoudi, the Director-General of International Trade Negotiations of Indonesia, Mr. Djatmiko Pres Witjaksono, and the Director-General of the World Trade Organization (WTO), Ms. Ngozi Okonjo-Iweala.
Saudi Arabia's participating delegation includes representatives from both the General Authority of Foreign Trade and the Ministry of Investment.