Latest news with #AsianDavos
Arab News
26-03-2025
- Business
- Arab News
Pakistani finance chief calls for coalition of developing nations to push for fair trade, financial reform
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb has proposed the formation of a global coalition of developing nations to collectively advocate for fair trade and better representation in international financial institutions, while criticizing the global economy as unequal, according to an official statement issued on Wednesday. The finance chief made these remarks during his address at the Boao Forum for Asia Annual Conference 2025, held in China. The forum, often referred to as the 'Asian Davos,' is a high-level platform where leaders from government, business and academia across Asia and other continents gather to discuss pressing global and regional issues, with this year's conference — titled 'Asia in the Changing World: Towards a Shared Future' — running from March 25 to 28. 'Developing countries must unite to demand fair trade principles and improved representation in global financial institutions,' Aurangzeb said, according to a finance ministry statement, as they asked them to form a global coalition. He said globalization's had led to general progress, but its benefits remained unevenly distributed. 'The global economy has undoubtedly driven economic growth,' Aurangzeb said, according to a statement released by Pakistan's finance ministry. 'However, it remains highly unequal and fragmented.' 'Such an economy primarily benefits developed nations, while countries in the Global South are often overlooked,' he added. Highlighting the structural challenges faced by developing nations, Aurangzeb pointed to high tariffs, discriminatory trade practices and barriers to market access that limit their ability to participate fully in the global economy. He also stressed the urgency of reforming the global sovereign debt system, urging multilateral institutions such as the G20 and the IMF to play a more constructive role in debt relief and financial justice. 'The G20 and IMF must reform the sovereign debt system to enable debt forgiveness and ensure financial fairness,' he said. Calling for inclusive and sustainable growth, Aurangzeb advocated for stronger multilateral cooperation to promote equitable market access, enhance regional connectivity, and build a global economy that works for all. 'An inclusive global economy is not a choice but a necessity,' he said. He also underscored the role of technology in closing the global equity gap, recommending the creation of international AI and fintech funds to support digital inclusion in developing countries. 'Technology should serve as a tool for equity,' he said. The finance minister further called for sustainability and environmental justice to be integrated into globalization policies. He stressed the need for increased climate financing and easier technology transfer to countries most vulnerable to the effects of climate change.
South China Morning Post
25-03-2025
- Business
- South China Morning Post
Hong Kong devoted to bolstering foreign ties, John Lee says at Boao Forum
Hong Kong is devoted to deepening its foreign ties, the city's leader has said, while urging economies in Asia to promote bilateralism and reject protectionism amid a fast-changing geopolitical environment. Advertisement Chief Executive John Lee Ka-chiu on Tuesday also called for more collaboration between the city and mainland China's Hainan province to promote free trade and market liberalisation. 'Hong Kong is a global city that thrives on connecting the world … We are devoted to deepening international exchange and collaboration,' Lee told attendees at the Global Free Trade Port Development Forum. He said Hong Kong had signed investment deals with 33 economies and free trade agreements with 21 economies. The event is part of the Boao Forum for Asia , which meets annually in Hainan and is sometimes known as the 'Asian Davos'. This year's forum is themed 'Asia in the changing world: towards a shared future'. Advertisement Lee also highlighted that Hong Kong had retained third place globally and first in Asia in the latest Global Financial Centres Index, which was published last week.
