Pakistan calls for revisiting trade, tech regimes

Qureshi says Covid-induced impacts reduce fiscal space for developing countries

ISLAMABAD:

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

In a video statement at the General Debate of the 15th Quadrennial United Nations Conference on Trade and Development (UNCTAD), the foreign minister 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, he said, had reduced fiscal space and liquidity for developing countries and were driving inequality within and among countries.15th Quadrennial Conference of UNCTAD is being convened concurrently in Barbados and Geneva from 4-7 October, a press release said.

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Qureshi echoed the call made by the prime minister for transformative global actions that were responsive to the enormity of the triple challenges of pandemic, economic contraction and climate emergency.

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.

Meanwhile, Foreign Minister Shah Mahmood Qureshi said that Pakistan desired to further strengthen bilateral ties with the United Kingdom in economic, trade and political spheres.

“Pakistan and UK enjoy deep rooted and multi-dimensional ties,” the foreign minister said while talking to British Parliament member of Pakistani origin Lord Wajid Khan who called on him here. They discussed bilateral ties and other issues of mutual interests.

Lord Wajid Khan also hailed the foreign minister’s visit to the UK and also commended the foreign minister’s efforts for removing Pakistan from the red list.

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Also, Qureshi had a meeting with Pakistan’s Ambassador to Kyrgyzstan Sardar Azhar Tariq Khan.

The FM stressed the need for enhancing bilateral trade and economic ties between Pakistan and Kyrgyzstan through economic diplomacy.

The ambassador informed the foreign minister of the steps taken by the embassy over the last two years for promotion of bilateral ties as well as performance of the embassy.

The foreign minister said a huge number of Pakistani students were studying in Kyrgyzstan. He reiterated that the welfare of Pakistani diaspora was among government’s priorities.

The ambassador thanked the foreign minister for the special instructions and assured him of putting in all-out efforts to strengthen bilateral relationship.