India is set to host the 18th G20 Summit in New Delhi from September 9 to 10, 2023. Saudi Crown Prince Mohammed bin Salman and Türkiye President Recep Tayyip Erdogan are among the world leaders and heads of state who are attending.
Türkiye has been a G20 member since the group’s establishment in 1999. It assumed the G20 presidency in 2015. Meanwhile, Saudi joined in 2008, becoming the first Middle Eastern nation to be part of the group. In 2020, it hosted the G20 summit, albeit virtually, because of COVID-19-prompted restrictions.
18th G20 Summit
G20 is an organization comprising 19 countries and the European Union (EU). Collectively, they represent about 80 percent of the world’s gross domestic product (GDP) and 75 percent of global trade. Additionally, the countries constitute two-thirds of the global population.
This year marks the 18th edition of the annually held summit. The theme is “Vasudhaiva Kutumbakam,” which translates to “One Earth · One Family · One Future.” The landmark event will delve into reforming international debt structures and boosting loans to developing nations. Attendees will also discuss regulating cryptocurrencies and resolving food and energy security concerns.
Ahead of the summit proper, key officials from various nations have already met in a series of events and meetings. These discussions will continue until after the September 9-10 gathering.
Saudi Arabia and Türkiye in G20
The Saudi crown prince is expected to arrive in India over the weekend. After his attendance at G20, he will also pay a state visit on September 11, where he is slated to engage with Indian Prime Minister Narendra Modi.
Saleh Eid Alhusseini, the current Saudi ambassador, also recently met with India’s External Affairs Minister S Jaishankar to further strengthen the India-Saudi Arabia relationship.
Earlier in June, Mohammed bin Salman and Narendra Modi had a phone conversation to review their ties in various sectors, such as connectivity, energy, defense, trade, and investment. The past years saw a growing partnership between the two countries, especially in energy, security, and defense. Moreover, at 2.6 mn, Saudi has one of the largest Indian expatriate populations in the region.
Türkiye, another prominent G20 member, has also confirmed its attendance. President Erdogan is anticipated to engage in bilateral discussions with various countries.
Recently, Omer Bolat, Türkiye’s trade minister, held a meeting with his Saudi counterpart, Majid al-Qasabi, in Jaipur, India, on the sidelines of a G20 trade ministers’ gathering.
“We discussed specific measures to enhance our collaboration, covering areas such as bilateral trade, contracting services, and cooperation opportunities aligned with Saudi Arabia’s 2030 vision. We are confident that our commercial relations will continue to flourish, in sync with the high-level cooperation between our two countries,” shared Bolat in a statement.
The relationship between Türkiye and Saudi Arabia has witnessed a notable development in the last two years. For instance, following a meeting between Erdogan and bin Salman in July, Riyadh agreed to resume imports of Turkish meat and dairy products.
For more economic news, click here.