Saudi Foreign Minister highlights the necessity of reforms in global governance
Saudi Foreign Minister Prince Faisal bin Farhan stressed the critical need for global governance reforms to improve the efficacy of multilateral institutions.
He made these statements at the second session of the G20 foreign ministers' meeting in Rio de Janeiro, Brazil.
In his address titled "Restructuring Global Governance," Prince Faisal highlighted the pivotal role played by the G20 in facilitating cooperation and coordination among the world's leading economies to address pressing global challenges. He stressed the increasing interconnectedness of the global economy and emphasized the shared interest in overcoming economic obstacles and trade barriers that hinder global growth and development.
The Foreign Minister emphasized the need for strengthening multilateral trading arrangements and mentioned Riyadh's proposal about the World Trade Organization's future, which was approved by G20 leaders in 2020 while Saudi Arabia was hosting the organization. He also underlined the necessity of a concerted international effort to lessen the growing constraints that emerging nations are under. Prince Faisal underlined that in order for Saudi Arabia to spearhead changes in global governance and rectify imbalances in the international system, the G20 common framework must be implemented in all areas. In addition, he urged greater international communication and collaboration, emphasizing the significance of reestablishing the legitimacy and confidence of international institutions.
Prince Faisal called for a procedure that would improve openness, diversity, and the just application of international law. He also emphasized the need to improve the decision-making and problem-solving capabilities of important organizations like the UN Security Council.
Moreover, Prince Faisal bin Farhan's remarks underscore the Saudi government's commitment to promoting global governance reforms and fostering cooperation among nations to tackle global challenges effectively. His participation in the G20 foreign ministers meeting reflects Saudi Arabia's active engagement in multilateral efforts aimed at addressing pressing issues facing the international community.
