G20 trade ministers have pledged to recover the economy from COVID-19

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Jakarta (ANTARA) – G20 Trade Ministers reaffirmed their commitment to contribute to the economic recovery from COVID-19, as set out in a joint statement at the G20 Trade and Investment Ministers (TIMM) meeting in Sorrento, Italy.

“The pandemic has taught us an important lesson that the G20 trade ministers can be present under the Italian presidency and agree to a return of trade as the engine of economic recovery,” said Indonesian Trade Minister Muhammad Lutfi in his statement received here on Sunday.

Lutfi said Indonesia stands ready to shoulder the responsibility of the G20 presidency in 2022 while ensuring that all members can recover together and become stronger in the next year.

This year’s meeting has also become an opportunity for Indonesia to encourage the world to recover and revitalize together from COVID-19, he added.

That spirit became Indonesia’s mission during its G20 presidency, with the main theme “Recovering, Recovering Stronger,” he continued.

At the opening of the G20 TIMM on October 12th, the Italian Minister for Foreign Affairs and International Cooperation Luigi Di Maio underlined the challenges of global economic recovery, which require concrete action from all G20 members, including in the trade and investment sector.

This is because trade is one of the main pillars of economic growth and inclusive development.

Italy, as chairman of the G20 in 2021, prioritizes collective action in trade and investment based on the 3P – People, Planet, and Prosperity – and focuses on resilient, strong, sustainable and inclusive economic recovery

To this end, TIMM discussed several issues related to trade and investment policy: trade and health, trade and environmental sustainability; Participation of micro, small and medium-sized enterprises (MSMEs) in world trade; Services and investments; government support specifically in the industrial sector; and WTO reform.

The focus of the discussion was on reaching a consensus on the ministerial declaration, which will become part of the commitment of the G20 heads of state and government in Rome.

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