G20 leaders met in virtual format to address the way forward how to tackle together the ongoing COVID-19 pandemic, finance the development and deployment of a vaccine as well as continue the support to citizens and businesses struggling to cope with the aftermath of the pandemic.
• Following the two days Summit, Leaders adopted the G20 Riyadh Declaration to address common global challenges.
• On COVID-19, the G20 noted that Access to COVID-19 Tools Accelerator (ACT-A) initiative and its COVAX facility are the main tools to fight it.
• On climate change, the Summit agreed on a unified paragraph in the G20 Riyadh Declaration, after three consecutive G20 Summits where such consensus could not be reached.
• On debt relief for the most fragile countries, Leaders reconfirmed their support through the G20 Debt Service Suspension Initiative that will provide debt relief and free resources to fight the pandemic. They committed to implementing the Debt Service Suspension Initiative (DSSI) including its extension through June 2021.
• On trade and taxation of the digital economy, Leaders recalled their support to the WTO reform process and recognized the contribution that the Riyadh Initiative on the Future of the WTO has made. They also agreed to strive to find a consensus-based solution for a globally fair, sustainable, and modern international tax system by mid-2021, built on the ongoing work of the OECD.
The Riyadh Initiative on the Future of the WTO (the Riyadh Initiative) was launched by the Saudi G20 Presidency (the Presidency), building on the commitment from G-20 Leaders, to provide an additional opportunity for members to work constructively towards the necessary reform of the WTO. By identifying common ground of WTO objectives and trade policy principles under the Riyadh Initiative, the G20 can play an important role in providing political support for reform discussions