G20 Riyadh Summit Recommendations Highlight Women Empowerment

Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)
Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)
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G20 Riyadh Summit Recommendations Highlight Women Empowerment

Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)
Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)

The 2020 G20 Riyadh summit, under Saudi Arabia’s Presidency, has emphasized the importance of bridging the gender inequality gap and the need to empower women as a key enabler for economic recovery.

Leaders of G20 countries, in the forum’s final communique, admitted that women were gravely impacted by the aftermath of the coronavirus pandemic and said that they will spend efforts to ensure the gender inequality gap does not widen.

“As many women have been disproportionately affected by the crisis, we will work to ensure that the pandemic does not widen gender inequalities and 8 Leaders' Declaration G20 Riyadh Summit November 21 - 22, 2020 undermine the progress made in recent decades,” the final statement said.

“Recalling relevant UN declarations, processes, and calls to action to empower women and girls, we reaffirm the importance of women’s and girls’ empowerment as a cross-cutting issue in all aspects of our policies and recognize that women are a key driver of economic growth,” it added.

“We will continue to promote gender equality, as well as combat stereotypes, reduce pay gaps, and address the unequal distribution of unpaid work and care responsibilities between men and women.”

The leaders said they will step up their efforts towards achieving the Brisbane Goal to reduce the gap in labor force participation between men and women by 25 percent by 2025 along with improving the quality of women’s employment.

“We will take steps to remove the barriers to women’s economic participation and entrepreneurship,” the leaders said.

They also welcomed the commencement, under the Saudi Presidency, of the Private Sector Alliance for the Empowerment and Progression of Women’s Economic Representation (EMPOWER) for women’s advancement in leadership positions.

It is worth noting that women’s participation in G20 meetings under Saudi Presidency was the highest recorded with a whopping 33.7% of the total participants.

Women at G20 workshops this year contributed greatly to the most complex economic, social, and civil files. Working in teams and communication groups, women’s presence was essential in organizing more than 100 events.



Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
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Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters

Gold prices eased on Tuesday, while investors awaited a slew of US economic data to gauge the size of the Federal Reserve's expected interest rate cut this month.
Spot gold fell 0.2% at $2,495.50 per ounce by 0630 GMT. Prices hit a record high of $2,531.60 on Aug. 20.
US gold futures steadied at $2,527.50.
The dollar lingered near a two-week high, making bullion less appealing for other currency holders.
"Gold is unable to recapture levels around all-time highs due to lack of fresh positive catalysts. If we see U.S. data pointing to a weak economy and the Fed taking to the narrative of having a jumbo rate cut, gold will rally," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
"Prices could go as high as $2,640 this year."
Market focus is on Friday's US August non-farm payrolls report. Economists surveyed by Reuters expect the addition of 165,000 US jobs.
ISM surveys, JOLTS job openings and ADP employment report are also on investors' radar.
Traders currently see a 31% chance of a 50-basis-point rate cut at the Fed's Sept. 17-18 policy meet and a 69% chance of a quarter-point cut.
Last week, data showed US consumer spending picked up in July, arguing against a 50-bp rate cut.
Gold "remains our preferred hedge against geopolitical and financial risks, with additional support from imminent Fed rate cuts and ongoing emerging market central bank buying. We open a long gold trade recommendation," Goldman Sachs said.
Bullion is considered a safe asset amid turmoil and tends to thrive in a low rate environment.
Spot gold may test support at $2,473, a break below that could open the way towards $2,434, according to Reuters technical analyst Wang Tao.
Spot silver dipped 0.5% to $28.35, platinum fell 1% to $921.05 and palladium lost 1% to $968.62.