We must come together to find concrete solutions. Some obvious ways forward involve taking an honest look at our trading system, reforming multilateral institutions, and developing a multilateral agreement on digital taxation.
These are each separate issue but must be dealt with in the same way: through multilateral dialogue and consensus-building.
And by doing so, we will reduce the incentive for unilateral actions and increase respect for international norms and laws.
As upcoming G20 presidents, Saudi Arabia, Italy, and India will have the opportunity and the important responsibility of setting the G20's strategic direction over the next three years.
The G20 must continue to support an open trading system and a global financial safety net that can withstand times of crisis. Significant progress can also be made on problems like infrastructure investment and disaster resilience. There is also value in sharing our experiences addressing national challenges such as the future of work, women's economic empowerment and competition policy.
Harking back to its origins in the global financial crisis, the G20 needs to continue to build mutual understanding and cooperation, so that it can continue to uphold and support multilateral problem-solving in the event of another economic crisis.
To rebuild lost confidence, our multilateral system needs newfound strength to withstand the complexity of our current circumstances. This is not something that one or two countries can do alone. All of us must play a role in restoring the system that has contributed so much to our shared growth and prosperity over the past 70 years.
Our collective determination and wisdom can return the global economy onto a more positive path. As senior ministers, we will use all our energies to encourage cooperation on the global challenges we face together.
Josh Frydenberg/Heng Swee Keat/Sri Mulyani Indrawati/Bill Morneau
Jakarta, 16 September 2019
(Dani Jumadil Akhir)