Picture used for illustrative purpose only.

The Kingdom of Saudi Arabia has assumed the G20 Presidency on Sunday, leading up to the G20 Leaders' Summit in Riyadh on Nov.21-22, 2020, Saudi Press Agency (SPA), reported on Sunday.

The Group of Twenty, or the G20, is the premier forum for international economic co-operation.

Saudi Arabia commended the work of the Japanese G20 Presidency in 2019.

Prince Mohammed Bin Salman Bin Abdul Aziz, Saudi Arabia’s Crown Prince, Deputy Prime Minister and Minister of Defence, said, "The Saudi G20 Presidency is committed to continue the work from Osaka and promote consensus."

"Working with our G20 partners, we will strive to deliver concrete actions and realise opportunities to enable us to face the challenges of the future," the Crown Prince added.

The G20 brings together the leaders of both developed and developing countries from every continent.

Collectively, G20 members represent around 80 per cent of the world’s economic output, two-thirds of global population and three-quarters of international trade.

Throughout the year, representatives from G20 countries gather to discuss financial and socioeconomic issues.

WAM