Jakarta (ANTARA) - Trade Minister Zulkifli Hasan stated that inclusive and strong trade policies can encourage domestic economic growth and contribute to the welfare of global partners.

Hasan made the statement at the Business 20 (B20) Special Plenary Session in New Delhi, India on Friday (August 25), according to a written statement issued by Trade Ministry and received here on Saturday.

The Trade Minister stated that B20, which is a forum for business players of G20 countries, can serve as a means of dialogue and cooperation that enables the strengthening of ties and the exchange of ideas in formulating policy directions toward a more prosperous future.

The special plenary session is part of the B20 Summit of India's G20 Presidency in 2023, which is aimed at creating policy recommendations from the business sector for G20 leaders.

The meeting discussed global economic and trade governance, the benefits of trade for developing and less developed countries, and resilient and inclusive collaboration in addressing global challenges.

He noted that the current global economic dynamics have shown vulnerability in the global supply chains as well as highlighted the importance of a smooth flow of goods and services trade.

He assessed that global supply chain disruption and the increase in inflation have resulted in a negative impact on global economic growth.

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Hasan underscored that maintaining the stability of global trade as well as creating a coherent strategy in risk management and crisis mitigation are concrete solutions.

"It is crucial to strengthen the capacity of all countries in dealing with economic shocks, especially for developing countries," he added.

The minister further said that trade will become an important instrument for the economic growth of all countries. Every country has the same right to development and the right to manage resources to create added value to improve welfare.

He opined that cooperation can encourage trade as a "machine" of economic growth, create jobs, and empower the community.

"Our commitment to transparency, fair trade practices, and investment in technology will advance us amid the dynamic global situation," he remarked.

He expressed hope that with open discussion and collective action, the B20 forum will bring innovative solutions that can have a positive impact on global trade.

He also noted that through the forum, G20 countries can build and strengthen cooperation and lay the foundations for a more robust and inclusive trade.

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Translator: Maria Cicilia, Raka Adji
Editor: Yuni Arisandy Sinaga
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