Saudi Arabia G20 Summit stresses inclusive and sustainable economic recovery

The G20 Summit in Saudi Arabia came to an end with the meeting of the various leaders and heads of state who took part in this extremely important global event, which was held virtually this year due to the impact of the COVID-19 pandemic under the Presidency of the Kingdom. 

Leaders at the G20 Summit certified the joint Final Statement of the Saudi Arabian-sponsored meeting, which included agreements on measures to be taken to protect lives and shape a better future to overcome the current scenario shaken by the coronavirus pandemic, including a major package of global economic and financial stimulus measures. The main objective is to overcome the current situation through economic policies aimed at a strong, sustainable, balanced and inclusive recovery.

"We, the leaders of the G20, meeting for the second time under the Saudi Arabian Presidency, are united in our conviction that coordinated global action, solidarity and multilateral cooperation are more necessary today than ever to overcome the current challenges and seize the opportunities of the 21st century for all by empowering people, safeguarding the planet and shaping new frontiers," the statement said. 

The declaration goes on to call for a recovery and a better future by adopting policies to ensure connectivity and equal access to technology and opportunities for all, focusing on women, youth, and the most vulnerable. "We are taking immediate and exceptional measures to address the COVID-19 pandemic and its intertwined health, social and economic impacts, including through the implementation of unprecedented fiscal, monetary and financial stability actions (...) We recognize the role of extensive immunization as a global public good," it says. 

"We commend the Saudi Presidency for initiating discussions on the need for long-term solutions to address gaps in global pandemic preparedness and response, including its proposal towards establishing access to pandemic tools, and we look forward to furthering this discussion during the Italian Presidency," the final text states.

"This crisis continues to have disproportionate economic and social impact on the most vulnerable segments of society, reinforcing the need to enhance access to opportunities for all. We will continue our efforts to reduce inequalities, reaffirming our previous commitments to promote inclusive growth. We endorse the G20 Menu of Policy Options to Enhance Access to Opportunities for All that can be leveraged to support the immediate response to the COVID-19 pandemic and move towards a strong, sustainable, balanced and inclusive recovery," the final declaration states.  

The statement also calls for protecting our planet and shared natural resources to have a cleaner more sustainable future: "Preventing environmental degradation, conserving, sustainably using and restoring biodiversity, preserving our oceans, promoting clean air and clean water, responding to natural disasters and extreme weather events, and tackling climate change are among the most pressing challenges of our time. As we recover from the pandemic, we are committed to safeguarding our planet and building a more environmentally sustainable and inclusive future for all people."

Mohamed bin Salman bin Abdulaziz al-Saud, Crown Prince of Saudi Arabia, also made an official final declaration on the occasion of this very important event and stressed the need for economic cooperation to address the current difficulties. "The G20, since its foundation, has been an essential link among our countries. It has demonstrated the vitality of its role, over the years, to deal with economic, financial, social, and environmental issues. In light of the outbreak of COVID-19 and its health, economic, and social repercussions, our cooperation has been important more than ever. Together we have addressed this challenge with seriousness necessitated by the responsibility to preserve human life, protect livelihoods, mitigate the ensuing damage of this pandemic, and raise readiness to face any future crises, God forbid," the Saudi Prince remarked.  

"In order to confront this global threat facing all of humanity, the G20 took the initiative to adopt unprecedented measures and coordinated actions to deal with the pandemic and its aftermath," he said.

The G20 Ministers of Finance, Trade and Investment, Health, Education, Energy, Climate, Anti-Corruption, Agriculture, Environment, Employment, Tourism, Digital Economy, Water and Foreign Affairs held over 170 meetings during the Saudi G20 Presidency, a process that culminated in the Leaders' Declaration. 

In addition, civil society and business groups were represented by the eight participation groups: Business 20, Youth 20, Labour 20, Think 20, Civil 20, Women 20, Science 20 and Urban 20.  They concluded their agenda by holding 8 summits and issuing 8 final statements respectively bringing civil society and private sector views to the policy-making table.