G20 leaders commit to strong post-COVID-19 era

RIYADH, Saudi Arabia

The Group of 20 Leaders' Summit held under the term presidency of Saudi Arabia ended Sunday with a commitment for a "strong, sustainable, balanced and inclusive post-COVID-19 era".

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

"We are committed to leading the world in shaping a strong, sustainable, balanced and inclusive post-COVID-19 era,” the statement added.

“We have mobilized resources to address the immediate financing needs in global health to support the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccines. We will spare no effort to ensure their affordable and equitable access for all people, consistent with members’ commitments to incentivize innovation,” the statement added.

Meanwhile, Saudi Arabian King Salman bin Abdulaziz handed over the G20 presidency to Italian Prime Minister Giuseppe Conte.

The G20 was formed in 1999 as a meeting of finance ministers and central bank governors in the aftermath of the Asian financial crisis.

The G20 consists of Germany, the US, Argentina, Australia, Brazil, China, Indonesia, France, South Africa, South Korea, India, the UK, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia, Turkey and the European Union as well as the IMF and the World Bank.

In 2008, the first G20 Leaders' Summit was held, and the forum played a key role in helping member countries respond to the global financial crisis.