On behalf of the Crown Prince and Prime Minister, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Minister of Foreign Affairs, His Royal Highness Prince Faisal bin Farhan bin Abdullah, participated in the G20 Leaders’ Summit held in Johannesburg, South Africa. In his address during the first session, entitled “Inclusive and Sustainable Economic Growth,” Prince Faisal affirmed the Kingdom of Saudi Arabia’s unwavering support for reforming the World Trade Organization (WTO) and stressed the need to build a fair, transparent, and inclusive multilateral global trading system.
Historical context and importance of the World Trade Organization
The World Trade Organization (WTO) was established in 1995, succeeding the General Agreement on Tariffs and Trade (GATT) of 1948. It is considered the cornerstone of the global trading system, aiming to liberalize international trade and ensure its smooth and transparent flow. However, in recent years, the WTO has faced increasing challenges, including the difficulty of reaching new agreements, the rise in trade disputes between major economic powers, and the need to update its rules to keep pace with global economic developments such as digital trade and environmental sustainability. Therefore, calls for WTO reform, such as those advocated by the Kingdom of Saudi Arabia, are of paramount importance to ensure its continued effectiveness in serving the global economy.
The Kingdom's position and its impact on the international stage
The Kingdom's reaffirmation of its support for WTO reform comes within the context of its growing role as an influential economic power within the G20. Through its Vision 2030 , the Kingdom seeks to diversify its economy, increase its non-oil exports, and attract foreign investment—objectives closely linked to a stable and equitable international trading system. The Foreign Minister noted that the Kingdom's efforts align with its ambitious vision of promoting responsible investment, sustainable industrialization, and the efficient utilization of resources to support development. This stance not only serves the Kingdom's economic interests but also strengthens its position as an active international partner contributing to solutions for global challenges and giving impetus to international efforts aimed at modernizing global economic governance.
Integrating efforts to address global challenges
Prince Faisal bin Farhan's remarks were not limited to trade; he also called for aligning the G20's efforts with the Sustainable Development Goals (SDGs) and addressing the interconnected challenges facing the world, such as food and energy security, climate change, and digital transformation. He emphasized the importance of international cooperation based on shared responsibility to combat illicit financial flows and alleviate the debt burden on developing countries. He concluded by stressing that global challenges that transcend borders require genuine international solidarity and multilateral cooperation, which is at the heart of the G20's work, to build a more inclusive and sustainable global economy that leaves no one behind.
