The COVID-19 pandemic has had an unprecedented multidimensional impact on global and regional trade. Performance from the macroeconomic aspect shows that the majority of developing countries in the world are experiencing an economic recession. The Covid-19 pandemic brought shocks especially to international trade and global finance. Lockdown that was implemented in the early days of the pandemic by several countries that affected the time and cost required in shipping goods, implementation of health protocols which resulted in increased logistics shipping costs, bans on exports and imports of certain commodities such as food and health, disruptions to supply. and demand, as well as changes in global supply chain centers from several countries, such as China, Germany, and the United States. In addition, other shocks that also occurred in the majority of developing countries were the increase in unemployment, poverty, and income inequality. The decline in some of these indicators of economic well-being raises serious concerns about food security and malnutrition. This causes a higher vulnerability which then lead the economic policies at the poor and food insecure groups.
As an illustration, the Indonesian economy in the fourth quarter of 2020 compared to the fourth quarter of 2019 experienced a growth contraction of 2.19 percent (y-on-y). Nevertheless, the Statistics Indonesia (2020) stated that the Gross Domestic Product (GDP) of the Indonesian agricultural sector in the fourth quarter of 2020 continued to grow 2.59 percent year on year (yoy), in which the main supporting sub-sector was food crops by 10.47 percent and followed by horticulture at 7.85 percent. Statistics Indonesia’s publications on economic growth show that the agricultural sector is a cushion during the economic recession due to the Covid-19 pandemic. However, the important consideration is the condition of people’s purchasing power which has decreased due to the pandemic, the problem of food access if not anticipated and handled properly can become a serious problem. The poverty rate in Indonesia rose by almost 1 percent in September 2020 to 10.19 percent, which is equivalent to 28 million people (BBC, 2021).
However, currently, the condition of the world economy has begun to improve. Several countries in Europe are predicted to face the end of the emergency phase of the Covid-19 pandemic in 2022 (Schengenvisa Info, 2022). Some countries in the world have experienced a decline in cases of Covid-19 patients, butin Southeast Asia, some are still experiencing an increase in Covid-1 cases, including Indonesia. Based on WHO (2021), world trade in goods is predicted to increase by 10.8 percent in 2021 followed by a smaller increase, which is 4.7 percent in 2022. Then global GDP is estimated to increase by 5.3 percent in 2021 and then the growth will slow down slightly in 2022 to 4.1 percent. Although it is estimated that there will be a slight slowdown in 2022, the positive growth in global trade and GDP shows the potential for post-pandemic economic improvement.
To reduce the impact of the Covid-19 pandemic, as well as accelerate economic recovery, several policies need to be carried out by the government. Some of these policies may be related to increasing investment and income through cooperation and integration with other countries. According to Zeno-Zencovich (2021), one of the policies that can be implemented is to provide a stimulus in trade activities. In the next few years these policies will help countries to support the economy and can provide a stimulus in international trade activities.
International trade law has strictly disciplined the provision of subsidies as stipulated in the Agreement on Subsidies and Countervailing Measures. However, it also provides a little leeway and guarantees the protection of intellectual property rights for the industry as regulated in the General Exception (Article 20 GATT). WTO member countries also must not forget their obligations, such as providing notifications on subsidies, removing quota restrictions, and not discriminating.In addition, the G20 Action Plan also helps strengthen international financial security networks. This is also an effort to create governance and debt sustainability and transparency of debt loans in all countries by paying attention to short-term and long-term trade recovery (Ministry of Finance of the Republic of Indonesia, 2021).
Based on the background that has been stated, it is important to provide exposure to the post-pandemic conditions of Covid-19 in agricultural trade and the multidimensional policy responses. This could be carried out by several countries in the world during the transition period in moving to the post-pandemic condition. The Department of Economics, Faculty of Economics and Management, IPB University and SEAITFA (South-East Asia International Trade and Finance Association) respond to this by holding an international conference with academics and international practitioners as resource persons in the fields of international trade, agricultural economics, and development economics. This International Conference is titled “International Conference on Trade, Finance, and Economic Development: Global Trade in Post Pandemic”.
This program is free and open to undergraduate and graduate students.
Time and Place
This activity will be carried out on:
Date : 20 – 21 September 2022
Time : 08.00 – 12.00 GMT +7
Place : Zoom Cloud Meeting
Invited Speakers for the Conference:
Faculty of Economic and Business, University of Indonesia, Indonesia
Topic: The Future of Trade and Financial Integration in Asia
Deputy of Economic Affairs, Ministry of National Development Planning of the Republic of Indonesia
Topic: Prospects of Economic Recovery to Address the Post Pandemic Uncertainty
Faculty oe Economics and Management, Universiti Putra Malaysia, Malaysia
Topic: The Opportunities of Post Pandemic Trade Adjustments to Boost Trade Competitiveness
School of Public Finance and HAPRI, University of Economics Ho Chi Minh City, Vietnam
Topic: ASEAN Experiences in Regional Value Chains: Pre and Post Pandemic
Head of Trade Research and Development Agency, Ministry of Trade of the Republic of Indonesia
Topic: Trade Policy to Accelerate Economic Recovery
Department of Economics, Faculty of Economics and Management, IPB University, Indonesia
Topic: Promoting Agriculture Trade in Post Pandemic
Contact Person of The Committee:
E-mail : email@example.com
Secretariat : FEM Building Lt. 2 Jl. Agatis IPB Dramaga Campus, Bogor 16680Apply Now