The opening of the first 2022 G20 Trade, Investment, and Industry Working Group meeting in Solo City, Central Java Province, on March 30, 2022. (ANTARA/Public Relations Bureau of Industry Ministry/uyu)
Trade between countries can help the attempts to eradicate poverty and bolster climate actions.Trade Minister Muhammad Lutfi emphasized that Indonesia is encouraging the realization of various breakthrough agreements for joint economic recovery and sustainable development at the 2022 G20 Trade, Investment, and Industry Working Group (TIIWG) meeting.
“The priority of the 2022 TIIWG is to establish coherent trade, investment, and industry policies to successfully achieve the target of sustainable development goals (SDGs),” Lutfi noted in a statement here on Thursday.
The minister assessed that it is the best way to face current economic and social challenges.
Lutfi remarked that the issues discussed by the working group include the reformation of the World Trade Organization (WTO); the role of multilateral trading system to expedite the achievement of SDGs; as well as the role of trade, investment, and industry to handle the pandemic and create a global health architecture.
Furthermore, discussions at the 2022 G20 TIIWG also center around the implementation of digital trade and sustainable global value chains, sustainable investment for global economic recovery, as well as inclusive and sustainable industrialization through Industry 4.0.
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The minister encouraged the delegates to amplify strategic steps to reform the WTO to optimize the function of the institution.
“Trade between countries can help the attempts to eradicate poverty and bolster climate actions. Hence, the G20 is expected to contribute to the improvement of the global trade regime to benefit all countries and support achievement of the SDGs," he remarked.
In addition, Lutfi supported discussion on the role of trade, investment, and industry to strengthen the capacity of vaccine production and distribution at the forum.
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The G20 is also expected to ensure the implementation of an inclusive digital trade and be able to reduce the digital divide, such as by supporting micro, small, and medium enterprises (MSMEs) to become integrated with global value chains.
"The future of the global value chain operation will depend on the effectiveness of countries in optimizing new opportunities created from the implementation of technology and digital trade," Lutfi noted.
Thus, Indonesia’s 2022 G20 presidency also focuses on encouraging collaboration to support the energy transition for sustainable investment through renewable energy development and industrial downstreaming.
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