The Indonesian government has asked members of the G20 to reintegrate both Russian and Ukrainian exports to the global market as a means to reduce inflation and restore economic growth.

While giving opening remarks at the G20 Second Trade, Investment and Industry Working Group (TIIWG) meeting in Surakarta, Central Java, on Wednesday, Deputy Foreign Minister Mahendra Siregar said that geopolitical circumstances have borne the fruit of skyrocketing commodity prices.

Ever since the war in Ukraine started in February, the United States and its allies have been imposing economic sanctions on Russia as a means to grind the latter's war capability down, including trade restrictions on goods and services that are influenced by Russian President Vladimir Putin’s oligarchs.

"While we all hope for an end to this conflict, we must, in the meantime, strive to mitigate the energy and food crisis that is affecting all nations through reintegration of both countries' commodities to global markets. Despite the war," Mahendra told G20 members.

Read also: Russia ready to fulfill Indonesia’s demand for fertilizers

Several sectors that are impacted by the war and its sanctions, according to Mahendra, include wheat. Combined, both countries' outputs are estimated to have accounted for 25 percent of the global supply before the war started.

He further said that 75 percent of trade in sunflower oil, a key component of the food industry, and 20 percent of global fertilizer supply were also disrupted as battle rendered production facilities unable to operate their daily activities.

Popular

Indonesia calls for more representative UN amid changing world order

Safeguarding Indonesia's AI future

Twenty years on, BRICS faces a defining choice