Trade Minister: Inclusive Trade Policy Triggers Economic Growth

JAKARTA - Trade Minister (Mendag) Zulkifli Hasan said inclusive and resilient trade policies could encourage domestic economic growth and contribute to the welfare of global partners.

According to him, Business 20 (B20) is a forum for G20 business actors who can act as a means of dialogue and cooperation that strengthens ties and exchange ideas in formulating a policy direction towards a more prosperous future.

"I believe B20 can act as a means of dialogue and cooperation, allowing us to strengthen ties, exchange ideas, and formulate a policy direction towards a more prosperous future," said Zulkifli in a written statement, Saturday, August 27, quoted by Antara.

This was conveyed by Trade Minister Zulkifli Hasan in the B20 Special Plenary Session in New Delhi, India on Friday (25/8). This activity is part of the B20 Summit of the 2023 Indian Presidency which aims to produce policy recommendations from the business sector to G20 leaders.

Agenda yang dibahas pada pertemuan yaitu tata kelola ekonomi dan perdagangan global, manfaat perdagangan bagi negara berkembang dan kurang berkembang, serta kolaborasi dalam mengatasi tantangan global yang tangguh dan inklusif.

The Trade Minister revealed that the current dynamics of the global economy has shown vulnerability in the global supply chain while at the same time emphasizing the importance of the smooth flow of trade in goods and services.

According to him, global supply chain disruption and rising inflation have had a negative impact on global economic growth.

"Maintaining global trade stability and creating a coherent strategy in risk management and crisis mitigation is a concrete solution. It is very important to strengthen the capacity of all countries in dealing with economic shocks, especially for developing countries," he said.

The Trade Minister said that trade would be an important instrument for the economic growth of all countries. Each country has the same rights in development and the right to manage resources to generate added value to improve welfare.

According to him, cooperation can encourage trade as a machine for economic growth, create jobs, and empower the community.

"Our commitment to transparency, fair trade practices, and investment in technology will advance us together in a dynamic global situation," said the Trade Minister.

He hopes that through open discussions and collective action, the B20 forum will bring innovative solutions that will have a positive impact on global trade.

"Through this important forum, we can build and strengthen cooperation, and lay the foundation for more resilient and inclusive trade," he said.