On October 22, 2024, a Saudi delegation led by Fareed Al-Asaly, Deputy Governor of the General Authority of Foreign Trade for International Organizations and Agreements, took part in the fourth meeting of the Trade and Investment Working Group (TIWG) held in Brasilia, Brazil. The two-day meeting, which ran from October 21 to 22, was organized under Brazil’s G20 presidency, which spans from December 1, 2023, to November 30, 2024.
The discussions at the TIWG meeting centered on several key priorities for 2024, including the intersection of trade and sustainable development, promoting women’s participation in international trade, and incorporating sustainability into investment agreements. A significant topic of focus was the reform of the World Trade Organization (WTO) to strengthen the multilateral trading system. These discussions align with Brazil’s aim during its G20 presidency to build consensus among member states, with an eye toward including summaries of priority discussions in the annexes of the G20 Leaders’ Declaration. Another outcome Brazil seeks is the adoption of non-binding G20 principles aimed at promoting voluntary measures for sustainable development within the realm of trade.
The working group has held a series of meetings where G20 member states, as well as invited countries, exchanged ideas and expertise. Through these collaborative efforts, TIWG has emphasized the importance of addressing global trade challenges and aligning investment policies with sustainable development objectives.
The General Authority of Foreign Trade is committed to expanding Saudi Arabia's international trade interests and boosting its global presence. Its active participation in such international platforms as the G20 ensures that Saudi Arabia contributes to the achievement of shared goals, including those related to sustainable development, and promotes a multilateral trading system that benefits all.
