International trade could ‘kill’ local MSMEs, Minister warns at G20 meeting – Business

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Divya Karyza (The Jakarta Post)

PREMIUM

Jakarta ●
Tue 19 October 2021

Lack of protective policies in international trade means that micro, small and medium-sized enterprises (MSMEs), especially those in developing countries, could lose out to their biggest rivals, warned Trade Minister Muhammad Lutfi .

The digitization of MSMEs depended on innovation and technology that developing countries like Indonesia lacked, Lutfi said. He added that the absence of adequate international rules to regulate digital competition among MSMEs would create “winners” that could kill small businesses and industries in emerging economies.

“The international trading system must be collaborative and fair to ensure the well-being of MSMEs,” he said at the G20 Ministerial Meeting on Trade and Investment (TIMM) in Sorrento, Italy, in early this month, according to an Oct. 16 press release. He also pointed out that the gap between the capacities of developed and developing countries to support domestic agriculture and fisheries also leads to unfair competition.

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