Back on November 15-16, the G20 Presidency was held in Bali. The G20, itself the premier forum for international economic cooperation, is made up of the world's largest economies, including 19 countries and an EU institution.
The creation of the G20 in 1999 was the result of international frustration with the failure of the G7 to find solutions to the global economic problems it faced at the time. The prevailing view was that it was important for middle-income countries and countries with systemic economic influence to participate in negotiations to find solutions to global economic problems. The forum then invited developed and developing countries to work together to overcome the major crises hitting Asia, Russia and Latin America.
The G20 represents more than 60% of the world's population, 75% of global trade and 80% of world GDP. The G20 members are South Africa, the United States, Saudi Arabia, Argentina, Australia, Brazil, India, Indonesia, Britain, Italy, Japan, Germany, Canada, Mexico, South Korea, Russia, France, China, Turkey, and the European Union.
Going back to the G20 summit in Bali in November 2022, the world is once again in a multi-dimensional crisis due to the COVID-19 pandemic. As a grouping of the world's leading economies with political and economic power, the G20 has the capacity to encourage recovery. To this end, as the rotating president of the G20, Indonesia carries the spirit of recovery under the theme of "Common Recovery, Strong Recovery". Indonesia proposed this theme, bearing in mind that the world is still under stress from the COVID-19 pandemic and that a joint and inclusive effort is needed to find a way out or a solution to world recovery.
To achieve this, the Indonesian Presidency is focusing on three priority areas identified as key to a strong and sustainable recovery, namely:
(1) Strengthening the global health architecture
The global health architecture will be strengthened in light of the current pandemic. Not just to deal with the current pandemic, but also to prepare the world to be better prepared for other health crises in the future.
(2) Digital transformation
Digital transformation, one of the main solutions to boost the economy during the pandemic, has become a new economic growth point. For this reason, the Indonesian Presidency will focus on improving digital skills and digital literacy to ensure that digital transformation is inclusive and enjoyed by all countries.
(3) Energy transformation
In order to ensure a sustainable and green future and effectively combat climate change, the President of Indonesia encouraged an energy transition to new and renewable sources of energy, giving priority to energy security, accessibility and affordability.
Benefits of Indonesia's G20 presidency:
First, the G20 presidency is expected to have a direct impact on the economy by increasing countries' foreign exchange earnings. More than 20,000 international delegates are expected to attend the conference, which will be held in various parts of Indonesia.
Previous presidencies in Turkey, Argentina, China and Japan have had a positive impact on the country. According to records, more than 13,000 international delegations visited China. It is estimated that each G20 summit brings in more than $100 million for the host country.
Second, in the political sphere, as the G20 presidency, Indonesia can encourage cooperation and achieve concrete results in three priority areas of strategic importance for recovery.
This is the momentum for Indonesia to gain the credibility or trust of the world in leading the global recovery. Credibility is a very valuable asset in diplomacy and foreign policy
Third, sustainable economic and social development. The G20 presidency is an incentive to show that "Indonesia is open for business." Various showcase cases or events will be held to showcase the development and progress of Indonesia and the investment potential in Indonesia.
Hopefully this will have the opportunity to create a multiplier effect for the regional economy as it helps the tourism, accommodation (hotels), transport and creative economy sectors, as well as the local MSME.
As the only country to join the G20, APEC and ASEAN, which are three important world forums, Indonesia has a very important strategic position. By assuming the G20 presidency in 2022 and ASEAN presidency in 2023, Indonesia will play an increasingly important role in promoting coordination and synchronisation of agendas among the three international and regional fora, making a real contribution to achieving peace and prosperity in the world.
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