Tax issues of digital economy must be addressed to avoid protectionist measures

Water security and environmental challenge important issues to be tackled

Saudi Gazette report

OSAKA — On behalf of Custodian of the Two Holy Mosques King Salman, Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, delivered a speech at the closing session of the 14th G20 Summit held in Osaka, Japan.

The Crown Prince praised the G20 work program during the Japanese presidency this year, which focused on building a human-centered economic future and facing the demographic and technical challenges.

He stressed that the Kingdom will continue its support for the Japanese presidency to implement the work program during the rest of the year.

The Crown Prince explained that the need to enhance international cooperation and coordination is more pressing than ever before, considering the complex and interrelated challenges facing the world today.

Crown Prince Muhammad said that effectiveness in achieving this depends on the ability to strengthen international consensus by establishing the principle of expanded dialogue, and building on the international system based on common principles and interests.

The Crown Prince pointed out that enhancing confidence in the multilateral trading system depends fundamentally on reforming the Word Trade Organization (WTO) and working under its umbrella.

He also stressed the necessity to address the tax issues of the digital economy, emphasizing the importance of seeking and working together to reach consensus with this regard in 2020 to avoid protectionist measures.

The Crown Prince said the Kingdom will assume the chairmanship of the G20 in December 2019. He stressed that it is determined to continue working toward achieving progress on the group’s agenda and to work with all member states, especially Troika members Japan and Italy to discuss the pressing issues of the 21st century, promote innovation and preserve land and human well-being.

The Crown Prince praised the progress achieved over the past years on the economic level, explaining the need to strive hard to reach inclusiveness and justice, and achieve the greatest level of prosperity.

He also emphasized that empowering women and youth remain two key pillars to achieving sustainable growth, and encouraging entrepreneurs and small and medium-sized enterprises (SMEs).

He added that in order to ensure sustainability, the agenda under the Kingdom's G20 presidency will include climate change, the pursuit of practical and feasible solutions to reduce emissions from all sources and to adjust to their impacts, and to ensure environmental balance in the world.

The Crown Prince said that providing adequate funding to implement the Sustainable Development Goals is one of the most important challenges facing the world, and he explained the urgent need for cooperation with low income countries in many domains, such as food security, infrastructure, access to energy and water sources, and investment in human capital. These issues, he stressed, will be the focus of attention during the Kingdom's G20 presidency next year.

The Crown Prince affirmed that water security and sustainability, as well as environmental and political challenges related to this issue, are one of the most important issues facing the world in general and the Middle East in particular, and he noted that that work will be done with member states to find consensus and meaningful policies for these challenges.

He said the world lives today in an era of unprecedented technological and scientific innovations with unlimited growth prospects, pointing out that the new technologies, like “Artificial Intelligence” and the “Internet of Things”, can provide the world with abundance of benefits, if utilized optimally.

At the same time, he said, these new innovations may produce new challenges such as changing the patterns of work and skills needed to adapt to the future of work, as well as increasing the risks of cybersecurity and information flow. This requires us to address these challenges as soon as possible to avoid them turning into economic and social crises.

The Crown Prince said the G20 members bear the responsibility to work together and cooperate with all partners to create an environment in which science flourishes, and to enhance the level and effectiveness of investment in future skills and jobs.

He expressed more optimism than ever before with the determination of G20 and its members' joint ability to do so.

At the end of his speech, the Crown Prince welcomed the leaders of the G20 members and expressed his hope to host them next year in Riyadh.