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Indonesia wants to use G20 presidency to help COVID rebound | WWTI

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JAKARTA, Indonesia (AP) Indonesia’s leader said Thursday that his country, which this year holds the presidency of the Group of 20 largest economies, wants to strengthen global partnership and inclusiveness to foster economic recovery amid a surge in the COVID-19 pandemic.

In an online address to the World Economic Forum, Indonesian President Joko Widodo pledged to make the G-20 Presidency an important part of the response, with a focus on inclusive healthcare, digital transformation and sustainable energy transition.

He called on world economic leaders to cooperate on trade and technology to help recover from the pandemic.

I will intensify interactions with global economic players during Indonesia’s presidency, Widodo said. I really hope that all of you, economic players, have thoughts, concrete offers, which could be submitted to be part of the concrete achievements of the G20 summit.

Unlike that summit later this year, the World Economic Forum’s annual meeting is more for world leaders and business leaders to discuss big ideas, not strike deals on how to act. COVID-19 concerns have delayed the forum’s in-person meeting in Davos, Switzerland, but some panels and addresses are being held online.

During a discussion on global trade, participants said the pandemic had likely changed global trade for good.

As growing demand overwhelms factories and ports, supply chain bottlenecks have driven up prices and delayed shipments, forcing companies to rethink their reliance on distant suppliers and keep inventory to an absolute minimum to save money.

There is no turning back,” said Intel CEO Pat Gelsinger.

When the absence of a $5 electronic component can delay production of a $100,000 car, he said, companies should consider testing their supply chains the same way regulators do. tested the resilience of banks during the financial crisis of 2008-2009.

Many companies are looking to reduce their reliance on suppliers from one country, often China, and move production closer to home to avoid disruption.

But Ngozi Okonjo-Iweala, director-general of the World Trade Organization, fears that the “understandable incentive to bring production closer to home is going too far” and causing countries to turn inward and eliminate foreign suppliers.

Not to mention deteriorating relations between the United States and China, the world’s two largest economies, Okonjo-Iweala warned, don’t let geopolitical tensions actually turn into protectionist measures and policies that use trade as a weapon. . …I’m losing a bit of sleep at night because of this.

Similarly, U.S. Trade Representative Katherine Tai warned that we must be very, very vigilant “to prevent this present moment from becoming an opportunity to build a better version of globalization in one where we are fighting against each other. others”.

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AP Economics Writer Paul Wiseman in Washington contributed.

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