FM calls for revisiting global trade, investment, taxation and technology regimes

Qureshi echoes call made by Prime Minister Imran Khan for transformative global actions

Foreign Minister Shah Mahmood Qureshi has called for revisiting the international policy frameworks governing trade, investment, finance, taxation and technology regimes.

In a video statement at the General Debate of the 15th Quadrennial United Nations Conference on Trade and Development (UNCTAD) on Wednesday, he drew attention to the Covid-induced and exacerbated economic, social and public health impacts, which had resulted in unprecedented losses in domestic revenues, jobs, quantum of international trade, FDI and tourism revenues.

These developments, Qureshi added, has reduced fiscal space and liquidity for developing countries and are driving inequality within and among countries.

Read more: IMF to give tax break to businesses hit by corona

He also echoed the call made by Prime Minister Imran Khan for transformative global actions that are responsive to the enormity of the triple challenges of pandemic, economic contraction and climate emergency.

The foreign minister highlighted the premier’s initiatives for global debt relief, recovery and return of stolen assets, climate finance, as well as calls for vaccine equity and a fair international taxation regime.

The foreign minister also expressed Pakistan’s support to UNCTAD for its valuable international economic policy research, assessment and options for developing countries to guard against the negative effects and benefit from the global interplay of development, trade, investment, finance and technology issues.

Also read: Pakistan approves tax relief for Gwadar port, free zone

The 15th Quadrennial Conference of UNCTAD is being convened concurrently in Barbados and Geneva from 4-7 October.

The 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.