RIO DE JANEIRO — Saudi Foreign Minister Prince Faisal bin Farhan underscored the need for reforms in global governance to enhance the efficacy of multilateral frameworks. Prince Faisal participated in the second session of the Group of Twenty (G20) foreign ministers meeting in Rio de Janeiro, Brazil. In his speech titled "Restructuring Global Governance," Prince Faisal highlighted the G20's crucial role as a platform of the world's leading economies in bolstering cooperation and improving coordination to tackle global challenges. He pointed out the increased interconnectedness of the global economy and the collective interest in addressing economic hurdles and trade barriers that hinder global growth and development. The foreign minister emphasized the importance of fortifying multilateral trading systems, referring to Riyadh's initiative on the future of the World Trade Organization, endorsed by G20 leaders during Saudi Arabia's presidency in 2020. Additionally, he spoke about the significance of relieving the growing pressures on developing countries through a unified global effort. Prince Faisal stressed that applying the G20 joint framework across all sectors is essential for Saudi Arabia to reform global governance and rectify imbalances in the international system. He also called for more global dialogue and cooperation, along with the restoration of trust and credibility in international organizations. Prince Faisal advocated the need for a process aimed at enhancing transparency, inclusivity, and equitable application of international law to make key institutions like the United Nations Security Council more effective in decision-making and addressing shared challenges.
