G20 trade and investment ministers discuss COVID-19 response under Saudi Arabia's presidency

RIYADH: The trade and investment ministers of the G20 nations met virtually on Tuesday under the presidency of Saudi Arabia to strengthen trade and investment cooperation.

The ministers agreed to continue cooperation to support the recovery of international trade and investment amid the coronavirus pandemic.

They also agreed to support the necessary reform of the World Trade Organization (WTO) to which the Riyadh Initiative on the Future of the WTO provides political support.

Khalid Al-Falih, Saudi Arabia's minister of investment, said the collective G20 response to COVID-19 had started to deliver early signs of a “resilient, and stable economic recovery.”

“As policymakers, it is our duty to prioritize the most vulnerable in our societies, including micro, small and medium-sized enterprises, and Saudi Arabia stands ready to endorse the G20 policy guidelines for MSMEs,” Falih said.

Saudi Arabia’s Minister of Commerce Majid Al-Qasabi told the meeting that measures adopted by the G20 in May were “critical for sustaining the flow of essential goods and services across borders and limiting the human toll of the pandemic.”