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In Bali, G20 countries agree on need to fix global trade
The trade and investment meeting got all countries to agree on the need to reform the WTO. And Indonesia hopes the Bali Compendium it introduced gives it the upper hand in a dispute on nickel exports.
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Saudi Arabian Minister of Commerce Majid bin Abdullah Al-Qasabi (front left) and Russian Deputy Minister for Economic Development Vladimir Ilichev (front right) talk in the conference room before the opening of the Group of 20 Trade, Investment and Industry Ministerial Meeting (TIIMM) in Bali on Sept. 22, 2022. (JP/Deni Ghifari)
Despite deep fissures in global politics, Indonesia as the host country of the Group of 20 Trade, Investment and Industry Ministerial Meeting (TIIMM) in Bali got all member countries to agree on the need to reform the World Trade Organization (WTO).
Moreover, Jakarta hopes that what it calls the Bali Compendium, which it introduced, gives it the upper hand in a dispute on nickel exports.
While failing to produce a joint statement as it closed on Friday, the TIIMM saw the participating ministers agree on several aspects that it is hoped will improve rules of international trade and investment.
“We must be grateful and proud for achieving numerous concrete accomplishments in today’s G20 meetings,” Trade Minister and TIIMM chairman Zulkifli Hasan said on Friday.
First and foremost, Zulkifli praised the G20 countries for unanimously backing WTO reform.
“The G20 states have emphasized the importance of strengthening the fundamental principles of the WTO and have agreed that WTO reform is the key to reinforcing confidence in the multilateral trading system,” said Zulkifli.
Moreover, Zulkifli revealed that the state members had agreed on the idea that multilateral trade was the key ingredient for reaching sustainable development goals (SDGs), which was in line with a separate meeting chaired by Indonesia’s investment minister.
