Saudi Foreign Minister Emphasises G20's Vital Role In Global Cooperation At UN General Assembly Meeting

His Highness Prince Faisal bin Farhan bin Abdullah, the Minister of Foreign Affairs, took part in the second G20 Foreign Ministers meeting. This event was chaired by Brazil and occurred alongside the 79th session of the United Nations General Assembly High-Level Week in New York City. His Highness commended Brazil's efforts to boost global cooperation, highlighting the significance of the G20 in maintaining a healthy global economy.

His Highness remarked on the importance of multilateral cooperation and finding innovative solutions to shared challenges. He stressed the urgent need to follow successful models of collective action and emphasised reforming international institutions. "The fact that our meeting is being held on the sidelines of the United Nations General Assembly is an indication of the importance of the G20 and its leadership in ensuring the health of the global economy, enhancing multilateral cooperation, and finding innovative solutions to common challenges," he stated.

The Prince expressed concern over wars and political conflicts that hinder international peace efforts. He noted these issues affect all aspects of multilateral action. His Highness mentioned that when institutions fail to address crises effectively, it creates a gap in international action and leads to a crisis of confidence undermining their legitimacy. "This is what we are witnessing today in the way some international institutions deal with the humanitarian catastrophe in Palestine," he added.

His Highness highlighted that prolonging conflict exacerbates Palestinian suffering, threatens global peace, and reduces chances for comprehensive regional peace. He urged G20 nations to intensify efforts against Israel's violations of international laws and norms. The aim is to achieve a ceasefire and establish an independent Palestinian state.

Regarding United Nations reform, particularly within the Security Council, His Highness called for radical changes. These reforms are necessary to address crises effectively, meet people's needs, and adapt to global transformations. "The Kingdom affirms that the goal of reforming the Security Council is to enhance its credibility and effective response," he said.

The Prince underscored Saudi Arabia's belief in reforming these institutions as crucial for tackling contemporary crises. Such changes would contribute to creating a more just, secure, and stable world. His Highness also emphasised enhancing multilateral development banks' effectiveness through G20 efforts.

Strengthening Financial Systems

His Highness highlighted initiatives like developing a roadmap for banks affiliated with G20 countries. Implementing recommendations from the G20 capital adequacy framework could potentially increase lending by $357 billion over ten years. Close cooperation among group members strengthens multilateral trading system legitimacy.

This collaboration boosts confidence in international financial structures while formulating a flexible, comprehensive, sustainable financial trade system globally. His Highness concluded by affirming Saudi Arabia’s commitment to joint action within G20: "Our cooperation has proven its ability to enhance effective responses to the needs of the global economy and pave the way for a just and sustainable future."

The meeting was attended by Ambassador Dr Abdulaziz Al-Wasil, Saudi Arabia’s Permanent Representative to the United Nations in New York, along with Abdulrahman Aldawood, Director General at His Highness’s Office at Foreign Affairs Ministry.

With inputs from SPA