Trade Minister Budi Santoso at the 35th APEC Ministerial Meeting in Lima, Peru, on Thursday (November 14, 2024). - Photo: Antara
JAKARTA: (Bernama-Antara) Indonesia is supporting the reform of the World Trade Organisation (WTO) for inclusive and sustainable trade at the 35th APEC Ministerial Meeting in Lima, Peru, on Thursday (Nov 14).
Trade Minister Budi Santoso conveyed this at the meeting during which he also emphasised the importance of the Free-Trade Area of the Asia Pacific (FTAAP) in the integration of the Asia-Pacific region. reported Antara news agency.
"The WTO is a main pillar of the multilateral trade system. To keep the system relevant, we must have open dialogue and move towards WTO reform," Santoso noted in a statement from his ministry on Saturday.
He deems this crucial so that inclusive, interconnected, and sustainable growth can be achieved while concomitantly strengthening the stability of the global value chain.
He noted that the WTO remains the cornerstone of the multilateral trade system and provides an important framework to address common challenges among diverse economies.
Indonesia believes accelerating discussions on the WTO dispute settlement reform is crucial by prioritising the restoration of the two-tier dispute settlement system through the appointment of Appellate Body members.
The minister also underlined the importance of ensuring fair and equitable market access for agricultural products, especially from developing countries.
Moreover, empowering small and medium enterprises (SMEs) from developing nations to participate in global trade is deemed essential.
"The WTO can support it by providing technical assistance, (carrying out) capacity building, and addressing non-tariff barriers that have a major impact on SMEs, thereby encouraging a more inclusive global market," he remarked.
At the meeting, Indonesia also highlighted the reduction in food waste, just energy transition, and hydrogen innovation, as well as encouraged investment and cooperation in economic resilience and sustainable energy.
On the sidelines of the APEC Ministerial Meeting, Santoso held several bilateral meetings with trade partners -- Japan, Singapore, Canada, South Korea, and Hong Kong -- to boost trade. - Bernama-Antara
