Four Middle Eastern Arab countries and Pakistan launched an organization aimed at joining efforts for innovation and digital economy, which is expected to reach USD1 trillion in the next five years in these nations.
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On the final day of the G20 Summit in Riyadh, the need to keep investing in vaccines was part of the agenda. “We are optimistic about the progress made in developing vaccines, therapeutics and diagnostics tools for COVID-19, but we must work to create the conditions for affordable and equitable access to these tools for all people,” Saudi crown prince Bin Salman said.
G20 Summit takes place online on Saturday and Sunday (22) under the presidency of Saudi Arabia.
The G20 Summit in Riyadh started on Saturday (21). The Saudi king discussed the role of the member countries in the fight against the pandemic, vaccine, medicine and test production and distribution to low-income countries, and a more inclusive post-COVID world, among other topics.
Close to hosting the G20 summit, the Arab country has shared the programs it created for women to include them in the labor market.
During a lecture hosted by the Arab Brazilian Chamber’s WAHI – Women’s Committee as part of the Economic Forum Brazil & Arab Countries, G20 representative Delia Flores and Hessa Al Sabah of Kuwait discussed the situation of businesswomen amid the pandemic.
Brazilian minister of Mines and Energy, Bento Albuquerque, offered the G20 to share measures adopted in the country to increase the population’s access to energy. Universal access to energy was chosen by Saudi Arabia as a priority agenda for the G20.
Saudi Arabia, which is currently leading the group, and the Bank for International Settlements have announced a contest for solutions in financial regulation and supervisions. Entries will be accepted through May 20.
OPEC members, Russia and other producers agreed on a 10% cut in the world oil supply to refrain the price decline. In a meeting between G20 energy ministers, Bento Albuquerque explained Petrobras’ output cut.
Brazilian Mines and Energy minister Bento Albuquerque spoke over the phone with Saudi prince Abdulaziz bin Salman Al Saud and confirmed that the country will join the group’s discussions on petroleum.
During a video conference this Thursday (26). The leaders of the world’s leading economies pledged to inject USD 5 trillion into global markets to address the coronavirus crisis, and to work to keep global supply chains working.
With Saudi Arabia in the group’s presidency, the world’s biggest economies said they will keep close track of the impact of the pandemic on markets.
The announcement was made in Davos, Switzerland during the World Economic Forum. Summit will run in October, before the G20 meetings.
The bloc’s Summit will take place in Riyadh, the Arab country’s capital, in November 2020.
