G20 acknowledges global Saudi role

G20 acknowledges global Saudi role
Deputy Crown Prince Mohammed bin Salman holds talks with Brazilian President Michel Temer in Hangzhou on Monday. (SPA)
Updated 06 September 2016

G20 acknowledges global Saudi role

G20 acknowledges global Saudi role

JEDDAH: The Kingdom’s participation in the G20 summit is a recognition of its regional role in controlling the stability of the energy markets.
Saudi Arabia, through a prudent policy, aims to achieve the interests of oil producers and consumers in order to reach fair prices to help keep the pace of global growth and achieve the interests of the exporting countries.
Deputy Crown Prince Mohammed bin Salman represented the Kingdom’s interests in the G20 summit and carried concerns and issues of the whole region to this leading international forum.
Prince Mohammed bears the vision of deep and fair solutions to end the crisis, restore peace and stability to this hot area, in line with the launch of the Kingdom's Vision 2030.
Trade ministers of the G20, during last month’s meeting in the Chinese city of Shanghai, agreed on the broad strategy to enhance world trade growth.
They also agreed to work on reducing the costs of trade, harmonization of trade and investment policies, in addition to promoting trade in the service sector, enhancing trade finance and e-commerce, and dealing with trade and development as well.
The G20 summit began its first meeting in Washington, DC, in November 2008, with the participation of the late King Abdullah, and the heads of states of the group. King Abdullah then stressed that the volume, type, speed of spread, and similar risks of the unique global financial crisis showed the importance of coordination and international cooperation to find suitable solutions for them and their effects.
He pointed out that there was an urgent and pressing need to develop agencies and regulations in the financial sector, and to strengthen the role of the IMF in controlling these sectors in developed countries.
In April 2009, Excel International Center, East London, witnessed the gathering of G20 leaders, who discussed a number of proposals and actions that aimed to revive the global economy.
King Abdullah chaired the Saudi Arabian delegation at the summit, and at the opening session, the late Prince Saud Al-Faisal deputized for him.
Kings, presidents and heads of governments of 20 countries approved the establishment of the Financial Stability Council with mechanisms that promote its mission in constructive cooperation with the International Monetary Fund, to provide early warning mechanism on economic and financial risks, in addition to creating mechanisms to address such risks.