International status is an important source of soft power for states: the higher their ranking, the more opportunities they have for increasing their influence and promoting their interests. Global platforms such as the G20, whose annual summit takes place in Indonesia next week,  are a crucial tool for states to enhance their international status.

The G20 could also create common ground for Turkish-Saudi economic cooperation, as the two countries share similar goals from this platform.

In recent months, Ankara and Riyadh have engaged in efforts to bolster their economic ties. Last week the Saudi Cabinet mandated Investment Minister Khalid Al-Falih to encourage direct investments into Turkiye. Saudi investments in Turkiye amount to $18 billion, according to Saudi Minister of Commerce Majid Bin Abdullah Al-Qasabi.

Policy statements also indicate that two countries share common positions in international matters. Ankara’s support for the OPEC+ decision to reduce oil output was important for three reasons. The first is that Ankara is on the same page as Riyadh when it comes to the US. The second is that Ankara and Riyadh face similar adverse consequences of the Russia-Ukraine war. The third is that Ankara is looking for more cooperation with Riyadh as it plans to be an energy hub to Europe.

Bolstering their cooperation on diverse areas, both Turkiye and Saudi Arabia could achieve their long-term goals from the G20 platform, while placing their recent rapprochement on a more sustainable track.

Sinem Cengiz

How could the G20 be a platform for Ankara and Riyadh in achieving their long-term goals?

After the 2008 crisis, the G20 gained more prominence in the perception of Turkish policy-makers in fostering the country’s role in global economic governance and international affairs. They viewed it as an alternative to other global organizations in producing global responses to international security-related challenges. For Saudi policymakers, the G20 could help the Kingdom in completing its Vision 2030. Being part of this platform is significant for Riyadh, not only for economic reasons but for diplomatic ones too. Being members of the G20 enables Saudi Arabia and Turkiye to fully engage in shaping policies to overcome the challenges confronting the global economy.

In this regard, Turkiye and Saudi Arabia have three common goals from the G20. The first is to reinforce economic cooperation with the G20 countries. The second is to reinforce inclusiveness and representativeness in international financial institutions. The third is to cooperate on areas such as development, energy, and environmental politics.

Two countries hosting the rotating G20 presidency increased other G20 member states’ expectations about their contributions and roles within the G20 agenda. However, the deteriorating economic situation in Turkiye seemed to have adversely affected the positive economic contribution that Turkiye could make. In this regard, the recent economic cooperation between Turkiye and Saudi Arabia is mutually beneficial. Considering its Vision 2030, Riyadh seeks socio-economic cooperation and Turkiye appears as a significant market. Bolstering their cooperation on diverse areas, both Turkiye and Saudi Arabia could achieve their long-term goals from the G20 platform, while placing their recent rapprochement on a more sustainable track.

• Sinem Cengiz is a Turkish political analyst who specializes in Turkiye’s relations with the Middle East. Twitter: @SinemCngz