At the opening of the second meeting of the G20 Trade, Investment, and Industry Working Group (TIIWG) here on Wednesday, Lahadalia said he hoped the G20 would use constructive thinking and work together to face global uncertainty.
"This is a collaboration momentum among G20 member countries to contribute significantly to global economic recovery amidst the world uncertainty that has been affected by the COVID-19 pandemic in the last couple of years," he added.
The TIIWG was established in 2016 as a part of the G20 working group to discuss major trade and investment issues as well as to coordinate efforts by G20 nations to strengthen global trade and investment.
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Lahadalia said that almost all countries are currently facing the same problem, namely controlling the spread of COVID-19 and bringing about economic recovery after the pandemic.
According to him, the current global economic recovery is in an uncertain state. At present, global economic governance is also facing various challenges.
"We need a breakthrough to handle this problem. Let us use this G20 momentum to bring constructive thinking and work together in facing the world uncertainty," he emphasized.
The COVID-19 pandemic and the current geopolitical situation have resulted in the disruption of global supply chains, high inflation, and food and energy crises in the world, he said.
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"High inflationary pressures and limited availability of world food and energy can reduce people's purchasing power and increase people's vulnerability, especially in developing countries, to fall into poverty," Lahadalia underlined.
Therefore, he invited global leaders, especially G20 leaders, to collaborate on solving global supply chain problems to reduce poverty and fight hunger, which are the main sustainable development goals (SDGs).
"The G20 must become a common union to prepare global development design that is equal, prosperous, inclusive, and sustainable, especially voicing the interests of developing countries and the poor and vulnerable groups," he added.
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Translator: Ade Irma Junida, Resinta S
Editor: Fardah Assegaf
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