UNITED NATIONS: The Group of 77 and China stands for broad-based cooperation on international tax policy and to combat associated illicit financial flows, Pakistan UN Ambassador Munir Akram, who is the chairman of the group, a coalition of 134 developing countries designed to promote its members’ collective economic interests, has said.
“The Group also believes that there is need to address challenges faced by affected states in the recovery of assets, as well as to strengthen international coordination in relation to illicit financial flows and assets recovery and return,” he told a panel of the meeting dedicated towards galvanizing action towards implementing the ground-breaking plan, known as Our Common Agenda, launched last year by Secretary-General Antonio Guterres.
“On illicit financial flows, the Group reiterates the need to strengthen international cooperation on tax matters,” while recognizing with concern that there was no single global inclusive forum for tax cooperation at the intergovernmental level.
The G77 reiterates its call for the upgrading of the existing Committee of Experts in Tax Matters to an intergovernmental body, with experts representing their respective governments.
Noting the UN chief’s proposal to establish a new joint structure on financial integrity and illicit financial flows, the group seeks more details, the G77 chairman said.
Backing a move for convening a biennial summit to promote a more sustainable, inclusive and resilient global economy, Ambassador Akram said that the Group intends to propose some elements for discussion, including on the reform of the global financial architecture.
The Group, he said, affirms that international trade is a key component of measures to promote inclusive economic growth and development, as well as poverty eradication, and supports the element of fair trading system.
The Group also supports the need for the business community to align their business practices with global goals, including the Sustainable Development Goals (SDGs).
The United Nations, Ambassador Akram said should support governments in achieving inclusivity keeping in view national circumstances and respective capabilities of the countries and in line with global agreements such as 2030 Agenda for sustainable development and the Paris Agreement under the UN Framework Convention on Climate Change.
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