Stronger South-South cooperation called for amid trade war

Nusa Dua, Bali(ANTARA News) - Deputy Finance Minister Mardiasmo called for stronger South South cooperation to ward off the impact of trade war.

"The condition of global economy at present necessitate South-South cooperation to cope with what the world is facing at present," Mardiasmo said at a panel discussion here on Tuesday.

The panel discussion titled "The Growing Importance of South-South Cooperation Amid Trade Tensions and Global Financial Market Volatility" is part of series of activities highlighting the week long annual meeting of the International Monetary Fund and the World Bank opened here on Monday.

Mardiasmo said the cooperation is urgent amid trade friction and uncertainty as a result of the tariff war involving the worlds largest economies in the United States and China.

The condition has become a challenge for the world in seeking to neutralize the situation and to prevent the global pressure from disrupting effort to improve the peoples welfare in each country, he said.

"The governments need to boost the manufacturing sector, reform taxation system to promote exports," he said.

Executive Director of the Indonesia Export Financing Agency (LPEI) Dwi Wahyudi said the trade war could push South South cooperation to be stronger and open new market such as in Africa.

Swi said LPEI pledges to increase its role in providing support for export oriented business players to be more competitive in global market help them improve.

"LPEI will provide financial support in expanding market to non traditional market in Africa," he said.

Source: ANTARA News

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