Rio de Janeiro, February 23, 2024, Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, played an active role in the second session of the Group of Twenty (G20) foreign ministers' gathering held in Rio de Janeiro, Brazil.
In his address titled "Restructuring Global Governance," Prince Faisal emphasized the imperative of reforming multilateral frameworks to enhance their efficacy. He underscored the pivotal role of the G20 as a crucial platform for leading economies to bolster cooperation and synchronize efforts in tackling pressing global issues.
Prince Faisal highlighted the increasing interconnectedness of the global economy, stressing the collective interest in overcoming economic challenges and trade barriers that impede global growth and hinder development. He underscored the significance of reinforcing multilateral trading systems, citing Riyadh's initiative on the future of the World Trade Organization, which garnered approval from G20 leaders during the Kingdom's presidency in 2020. Moreover, he underscored the necessity of alleviating mounting pressure on developing nations through a concerted global response.
The prince emphasized the Kingdom of Saudi Arabia's commitment to prioritizing the implementation of the G20 joint framework across all sectors as a means to reform global governance and address disparities within the international system. Furthermore, he underscored the importance of fostering more extensive dialogue and collaboration at the global level and advocated for the restoration of trust and credibility in international organizations. Prince Faisal emphasized that this process should strive to enhance transparency, comprehensiveness, and the equitable application of international law, thus enabling key institutions such as the United Nations Security Council to play a more effective role in decision-making and addressing common challenges.
