Trade and Investment Ministers from the G20 held a meeting today under the Saudi G20 Presidency to strengthen trade and investment policy cooperation towards an inclusive and sustainable economic growth amid the COVID-19 pandemic.
The Ministers discussed progress made on the “G20 Actions to Support World Trade and Investment in Response To COVID-19” that was agreed upon on May 14.
“We remain gravely concerned with the serious risks posed to all countries, particularly developing and least developed countries, and notably in Africa and small island states,” the group said in a statement.
The G20 will bring together the world’s economic leaders in November.
They also discussed ways to support the necessary reform of the World Trade Organization, to encourage greater international competitiveness of Micro, Small and Medium-Sized Enterprises (MSMEs), to foster economic diversification, and to strengthen international investment.
“At this critical time, trade and investment must act as important engines of growth, productivity, innovation, job creation, development and poverty reduction, to contribute to laying the foundation for a global economic recovery that leads to sustainable, balanced and inclusive growth. We will continue to take joint actions to strengthen international cooperation and frameworks,” the group said.
Meanwhile, Saudi Arabia has reportedly requested of Italy, the next G20 presidency nation, for a roughly one-month delay in the G20 leaders’ summit until December, Bloomberg reports, citing two senior officials with knowledge of the discussions with Riyadh.
The meeting is currently scheduled to take place in the Saudi capital on Nov. 21 and 22, before the G-20 mantle passes to Italy on Dec. 1. The request would mean delaying the start of Italy’s presidency.
“One of the officials said that the Italian government is flexible and could agree to have the summit in December but not further into its presidency. Discussions between the Italian and Saudi governments are ongoing and a final decision has yet to be taken, said one of the officials. A diplomat from one other G-20 country also said that they had heard about the request,” Bloomberg reports.
