Contributor: Safiullah Junejo | Editor: Supriyono
The importance of international economic cooperation cannot be overstated. As countries become increasingly interconnected, it is essential to have a framework to promote global economic cooperation. This is particularly true in today’s rapidly changing global landscape, where new challenges emerge on a daily basis.
To highlight this critical issue, the EcoBiz Student Association (ESA) at the Faculty of Economics and Business of Universitas Islam Internasional Indonesia (UIII) invited Dr. Yose Rizal Damuri, the Executive Director of the Centre of Strategic and International Studies (CSIS), to speak at a public lecture titled “The Future of International Economic Cooperation”.
Exclusively held at UIII Lecture Hall on April 12, 2023, the lecture focused on the main challenges facing today’s international economic cooperation and how countries can work together to address them. It also discussed the role of emerging economies like China and India in shaping the future of international economic cooperation and how they can be integrated into the existing system.
“While significant advances have been made in recent years, several challenges still need to be addressed. One of the main challenges is the rise of protectionism, which has been fuelled by factors such as the COVID-19 pandemic, trade tensions between major powers, and the increasing use of non-tariff barriers,” Dr. Damuri explained.
To address this challenge, Dr. Damuri suggested that countries need to work together to promote greater trade openness and reduce barriers to investment. He also emphasized the need for multilateral institutions such as the World Trade Organization (WTO) to be more active in enforcing trade rules and resolving disputes.
Another significant issue added to the challenge is how countries can work together effectively in today’s global political climate. In this regard, Dr. Damuri noted that while countries may have different orientations, there are also many areas of common interest. For example, countries can work together to address global challenges such as climate change and the digital economy.
Thus, countries must build trust and understand each other’s perspectives to promote effective cooperation, suggested Dr. Damuri, while also emphasizing the importance of dialogue and engagement at all levels, from government leaders to civil society groups.
In addition, Dr. Damuri highlighted the role of emerging economies like China and India in shaping the future of international economic cooperation. On his note, these countries are becoming increasingly important players in the global economy, and their policies and actions can have significant impacts on the rest of the world.
To integrate these countries into the existing system, Dr. Damuri suggested that there needs to be greater dialogue and cooperation between developed and emerging economies. He also emphasized the need for multilateral institutions to be more representative and inclusive, reflecting the changing global balance of power.
Dr. Damuri also discussed some specific examples of successful international economic cooperation in recent years, such as the Trans-Pacific Partnership (TPP) and the Belt and Road Initiative (BRI). He noted that these initiatives could provide valuable lessons for how countries can work together to promote economic growth and development.
The session with Dr. Damuri is a part of the EconInsight series held by UIII’s Faculty of Economics and Business to generate insights about current economic development. Earlier, the program invited a number of practitioners to address issues in industries like social commerce, the tech industry, logistics and transportation, as well as renewable energy.