FM Calls For Reform Of International Financial, Taxation Architecture

Foreign Minister Shah Mahmood Qureshi Friday called for reform of the international financial and taxation architecture, a fairer multilateral trading system and the necessity of recovering and returning stolen assets to developing countries

ISLAMABAD, Oct 1 (UrduPoint / Pakistan Point News - 1st Oct, 2021 ) :Foreign Minister Shah Mahmood Qureshi Friday called for reform of the international financial and taxation architecture, a fairer multilateral trading system and the necessity of recovering and returning stolen assets to developing countries.

He stated this in a video statement at the Ministerial meeting of the Group of 77 (G-77) on the eve of the 15th Quadrennial session of United Nations Conference on Trade and Development (UNCTAD) being hosted in a virtual format by Barbados.

Sharing Pakistan's perspective on the contemporary global development challenges, the foreign minister underscored the urgency of vaccine equity, debt relief, and enhanced concessional finance to address multiple inequalities.

Noting the solidarity and support that defined the G-77's ethos, the foreign minister paid tribute to the members for safeguarding and advancing the legitimate development, trade and investment interests of the developing countries.

He acknowledged the seminal contribution made by UNCTAD, in terms of producing high quality analytical reports, providing policy advice and technical assistance to developing countries to enable them to participate and benefit from the dividends of international trading, financial, investment and taxation regimes.

UNCTAD and the Group of 77 were established in 1964 to protect and promote the development interests of the Global South. Pakistan has been an active member of both and has made valuable contributions to their debates, policies and outcomes.