G20 trade ministers committed to recover the economy from COVID-19

G20 trade ministers committed to recover the economy from COVID-19

Indonesian Trade Minister Muhammad Lutfi (left) during the G20 Trade and Investment Ministers’ Meeting (TIMM) in Sorrento, Italia, on Tuesday (October 12, 2021). ANTARA/HO-Trade Ministry/FR

Jakarta (ANTARA) - G20 trade ministers reaffirmed their commitment to contribute to the economic recovery from COVID-19 as stipulated in a joint statement issued at the G20 Trade and Investment Ministers’ Meeting (TIMM) in Sorrento, Italy.

"The pandemic has taught us an important lesson that under Italy's Presidency, G20 Trade Ministers are capable of being present and agree to return trade as the engine of economic recovery," Indonesian Trade Minister Muhammad Lutfi noted in his statement received here on Sunday.

Lutfi said that Indonesia is ready to bear the responsibility of G20 Presidency in 2022 while ensuring that all members could recover together and grew stronger next year.

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

This spirit became Indonesia's mission during its G20 Presidency with the primary theme of "Recover Together, Recover Stronger", he continued.

While opening the G20 TIMM held on October 12, Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio underscored the challenges of global economic recovery that require concrete action from all G20 members, including in the trade and investment sector.

This is due to the fact that trade is one of the main pillars in economic growth and inclusive development.

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

To this end, TIMM discussed several topics related to trade and investment policies: trade and health, trade and environmental sustainability; micro, small, and medium enterprises' (MSMEs) participation in the world trade; services and investments; the government's support specifically in the industry sector; and WTO reform.

The discussion was focused on reaching a consensus for the Ministerial Statement that will become a part of G20 Rome Leaders' Declaration commitment.

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