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G20 trade, investment and industry ministers lay out six priorities for global recovery
"The world is facing the threat of a food and energy crisis, leading to financial crisis. Trade, investment and industry are at the epicenter of this crisis.
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"The world is facing the threat of a food and energy crisis, leading to financial crisis. Trade, investment and industry are at the epicenter of this crisis. We must be part of the global solution, building back the trust among G20 countries in addressing recent economic challenges”, said Trade Minister Zulkifli Hasan at the opening of the G20 Trade, Investment, and Industry Ministerial Meeting (TIIMM).
The minister welcomed delegations and invitees to Nusa Dua, Bali, for the TIIMM, which convened for two days on Sept. 22-23.
Jointly chaired by the industry and investment and ministers of Indonesia, the TIMM was participated in by ministers from G20 members and invited countries, as well as leaders of international organizations.
Investment Minister Bahlil Lahadalia highlighted the importance of optimizing momentum for global recovery and not perpetuating business as usual. In this case, investment must be able to deliver multiplier effects to promote global development, particularly for developing countries.
Industry Minister Agus Gumiwang Kartasasmita, stated the meeting was the first opportunity to discuss industry-related issues within the G20 process. The necessity to adopt an adaptable strategic policy to promote a conducive industry environment as well as an open and unimpeded investment and trade policy is key for inclusive and sustainable economic recovery and ensures that no one is left behind, he said.
The TIIMM discussed ways to accelerate global economic recovery and promote the achievement of Sustainable Development Goals (SDGs), aiming to garner commitment to realize an open, fair, inclusive, predictable and stable trade and investment environment.
The meeting reached common understanding on six priority agendas, namely, World Trade Organization (WTO) reform, the role of the multilateral trading system in strengthening the achievement of SDGs, the trade, investment and industry response to the pandemic and global health architecture, digital trade and global value chains (GVCs), spurring sustainable investment for global economic recovery as well as coherence between trade, investment, and industry.
Coordinating Minister for Economic Affairs Airlangga Hartanto made a special remarks on the inauguration of the meeting. “In less than three months after the [Indonesian] Presidency commenced, the world was shocked by the events in Ukraine. Undeniably, the responsibility of the G20 became much more complex”, said the coordinating minister. He added, “The trade and investment [and industry] meetings could serve as a generator for the G20 to spur balanced and sharp policy recommendations for the world.”
At the meeting, the G20 members shared the importance for a coordinated global effort, including synergy with multiple stakeholders. Business20 (B20), one of the engagement groups of the G20 from business sectors, submitted their recommendations to foster global recovery. International organizations, such as WTO, IMF, World Bank, UNCTAD, OECD, UNIDO, ERIA and IsDB, also contributed to the discussion process of the TIIMM.
The TIIMM was jointly hosted by the Trade, Investment and Industry ministries. It was held subsequent to the third Trade, Investment and Industry Working Group (TIIWG-3) on September 19-20. The first TIIWG was held on March 29-31, while the second TIIWG was held on July 6-7, both were held in Solo, Central Java.
The outcomes of the meeting will be submitted to the G20 Leaders’ Summit, which will be held in Bali, Nov. 15-16, 2022.
