Ministry Of Trade: G20 Meeting In Brazil Increases The Role Of Trade

Photo: Doc. Antara

JAKARTA - The Ministry of Trade (Kemendag) stated that the second meeting of the G20 Trade and Investment Working Group (TIWG) 2024 in Brasilia, Brazil, on April 24-25, 2024, focuses on the role of trading as a growth engine.

Director of Inter-Regional Negotiations and International Organizations of the Ministry of Trade Reza Pahlevi Chairul said G20 members reiterated their commitment to achieving holistic sustainable development in economic, social and environmental dimensions. The 2024 G20 trade and investment working group, under the Brazilian Presidency, also discussed four priority trading agendas.

"The second meeting of TIWG 2024 focuses on the role of trading as a growth engine. This role is manifested in the multilateral trading system that contributes to the achievement of sustainable development in all three dimensions, namely economy, social, and the environment," Reza said in a statement in Jakarta, quoted from Antara, Monday, April 29.

The 2nd meeting of the G20 TIWG of the Brazilian Presidency discussed four priority agendas. First, trade and sustainable development. Second, increasing the role of women in international trade.

Furthermore, the third discussion is an impetus for the integration of international investment agreements with sustainable development. Fourth, WTO reform and strengthening multilateral trading systems.

"The position of trade is not an instrument to overcome climate change and environmental damage. The G20 state needs to ensure that policies related to the environment and climate change are not a hidden obstacle in trade. Indonesia also believes that to achieve sustainable development, peace and stability are needed," said Reza.

In terms of increasing women's role in international trade, Brazil views women's integration in global trade as a catalyst for inclusive economic growth.

The G20 TIWG together with the business world of the G20 (B20) Brazilian Presidency have identified a number of challenges for women to be more integrated in international trade.

These challenges include, among others, income gaps for women, limited financial access, lack of business networks, and the tendency of women's businesses to be concentrated in sectors with high trade barriers.

In overcoming challenges for women, Indonesia encourages increased access to finance and digital as a means for women and micro, small and medium enterprises (MSMEs) to be more integrated in global trade.

"Indonesia encourages G20 member countries to contribute effectively in encouraging capacity building and sharing experiences to increase women's competitiveness and MSMEs," said Reza.

Reza added that increasing financial access and digital technology is one solution for women's integration in global trade. Through these two aspects of improvement, all countries can maximize the economic potential of women and MSMEs.

In addition, the discussion of sustainable development integration in international investment agreements emphasizes the importance of the role of foreign direct investment (FDI) in achieving sustainable development. This is important especially for developing countries.