Saudi Arabia Takes Part at G20 Trade and Investment Ministerial Meeting in Brazil

The Acting Governor of the General Authority of Foreign Trade (GAFT), Mohammad Abdul Jabbar, on behalf of Minister of Commerce and Chairman of the Board of Directors Majid Al-Kassabi, took part yesterday at the G20 Trade and Investment Ministerial meeting in Brasilia, Brazil.

 This year's Trade and Investment Working Group prioritised the following: the reform of the World Trade Organisation (WTO), the improvement of the multilateral trading system, the participation of women in international trade, and sustainable development in trade and investment.

 During his speech, the acting governor emphasised the importance of the WTO in international trade. He expressed his appreciation for the role of Saudi women in the Kingdom's economic progress and international trade. This has led to the enhancement of numerous indicators, most notably the fact that the Kingdom's World Bank index for women, business, and law has increased from 25 in 2019 to 71 in 2023. Saudi women's participation in the workforce increased from 17.4% in 2017 to 34.6% in 2023, and their proportion of small and medium enterprises reached 42%.

 "The Kingdom has made substantial progress in achieving the Sustainable Development Goals. The National Investment Policy has facilitated the expansion of economic diversity. The Kingdom has implemented supportive policies and standards to achieve these objectives and establish itself as a global investment hub for sustainable development. This has been achieved by aligning international efforts with the Sustainable Development Goals and leveraging the exchange of best practices. Consequently, a more sustainable, flexible, and prosperous economy that benefits all has been facilitated," he said.

 In addition to the meeting, the GAFT acting governor engaged in numerous bilateral discussions with the heads of the delegations that attended.