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G20 Finance Ministers and Central Bank Governors to Meet Saturday

G20 Finance Ministers and Central Bank Governors to Meet Saturday
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G20 Finance Ministers and Central Bank Governors to Meet Saturday

G20 Finance Ministers and Central Bank Governors to Meet Saturday

Finance Ministers and Central Bank Governors from the Group of 20 major economies are set to hold a virtual meeting on Saturday to discuss global economic outlook and coordinate collective action for a robust and sustained global economic recovery.

The FMCBG meeting will be held under the Saudi G20 Presidency and will be chaired by Saudi Finance Minister Mohammed Aljadaan and Dr. Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority.

The G20 Finance Ministers and Central Bank Governors endorsed in April the G20 Action Plan in response to the COVID-19 pandemic and will be reviewing, tracking its implementation in upcoming FMCBG meetings and reporting on its progress to the G20 Leaders’ Summit in November.

The Plan “sets out the key principles guiding the G20 response and its commitments to specific actions to drive forward international economic cooperation as we navigate this crisis and look ahead to a robust, sustained and inclusive global economic recovery,” the G20 Saudi Secretariat said in a statement.

“The Action Plan aims also to strengthen international financial assistance to countries in need, especially the poorest countries. This includes agreement on a G20 historic initiative that calls for debt suspension and can provide over USD 14 billion in relief to the poorest countries, enabling them to redirect resources to fight the pandemic,” it said.

“The FMCBG meeting will also review progress on previously agreed G20 Finance Track priorities in 2020, including on enhancing access to opportunities for all, financial resilience and development, infrastructure investment, addressing tax challenges arising from the digitalization of the economy, and Financial Sector issues around enhancing global crossborder payment arrangements, LIBOR transition and digital financial inclusion for youth, women, and SMEs,” it added.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.