FM calls for revisiting global trade, investment, technology regimes

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enewspaper.com.pk/ FM calls for revisiting global

ISLAMABAD, (APP): Foreign Minister Makhdoom Shah Mahmood Qureshi 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, the 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.

The 15th Quadrennial Conference of UNCTAD is being convened concurrently in Barbados and Geneva from 4-7 October 2021.

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

He highlighted the prime minister’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.

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