Brasilia, October 28, 2024 — The Acting Governor of the General Authority of Foreign Trade (GAFT), Mohammad Abdul Jabbar, represented Saudi Arabia yesterday at the G20 Trade and Investment Ministerial meeting in Brasilia, Brazil. Attending on behalf of Minister of Commerce and Chairman of the Board of Directors, Majid Al-Kassabi, Jabbar joined global trade leaders in addressing pressing challenges and priorities within the international trading system.
At this year's meeting, the G20 Trade and Investment Working Group focused on pivotal topics: reforming the World Trade Organisation (WTO), improving the multilateral trading system, increasing women's participation in global trade, and promoting sustainable development across trade and investment landscapes. These goals are at the forefront of efforts to modernize and strengthen global trade practices to create a fair, inclusive, and resilient economic framework.
In his address, Acting Governor Jabbar underscored the critical role of the WTO in shaping a balanced and reliable global trade environment, highlighting Saudi Arabia's commitment to these principles. He conveyed Saudi Arabia's pride in its recent advances, particularly in empowering women within the economy and boosting their contributions to trade. Notably, Saudi Arabia has made significant strides in gender equality and economic participation, reflected by the Kingdom’s rising score on the World Bank’s women, business, and law index. This index increased from 25 in 2019 to 71 in 2023, a shift Jabbar credited to proactive reforms and supportive policies for women. The female workforce participation in Saudi Arabia rose from 17.4% in 2017 to 34.6% in 2023, with women-owned small and medium enterprises now accounting for 42% of total SMEs.
"The Kingdom has achieved remarkable progress in advancing the Sustainable Development Goals," Jabbar noted. He outlined how the National Investment Policy has been instrumental in diversifying Saudi Arabia’s economy and fostering a more sustainable business environment. This policy includes comprehensive initiatives designed to create a globally competitive investment climate aligned with the United Nations Sustainable Development Goals. By encouraging the exchange of best practices on a global scale, Saudi Arabia is working toward a resilient, sustainable economy that benefits all.
Alongside his speech, the GAFT Acting Governor held a series of bilateral meetings with other delegation heads attending the ministerial conference. These discussions served as valuable platforms for sharing insights, enhancing collaboration, and forging new trade and investment partnerships.
