ISLAMABAD
\nFinance Minister Muhammad Aurangzeb has said developing countries like Pakistan are facing trade restrictions which prevent them from becoming part of global economy.
\nHe said this while attending a high-level session titled \u2018Inclusive Globalization That Benefits All \u2013 Pathways and Actions\u2019 at the Boao Forum for Asia Annual Conference 2025 in China today.
\nHighlighting the growing inequalities within the global economic system, the Minister said globalization has lifted over one billion people out of poverty but it still remains unequal, disproportionately benefiting developed economies while marginalizing the Global South. He said risks of rising protectionism, unilateralism, and trade wars are exacerbating global divisions, threatening to disrupt supply chains and weaken international cooperation. For globalization to survive, it must be rebalanced to allow fairer participation for all nations, particularly those currently disadvantaged by restrictive trade rules and limited financial access.
\nMuhammad Aurangzeb underscored that the time for rhetoric has passed and decisive action is needed. He said Pakistan advocates for a more balanced model of globalization that promotes fair trade, sustainable growth, and equitable financial systems. He said this model must be multilateral, innovation-driven, and inclusive to foster development and prosperity across all regions.
\nThe Minister noted that the widening wealth and opportunity gap is one of the key challenges for inclusive globalization. He said the developed nations continue to gain from high-tech sectors, digital trade, and broad financial access, while developing nations are held back by high tariffs, restrictive investment policies, and limited infrastructure.
\nMuhammad Aurangzeb highlighted that Pakistan has consistently called for greater regional connectivity, fairer market access, and stronger multilateral cooperation. He said China-Pakistan Economic Corridor and the Special Investment Facilitation Council are significant steps in the right direction.
\nThe Minister also called for a global coalition among developing nations to collectively demand fairer trade rules and greater representation in international financial institutions. He said these alliances are necessary to combat the disproportionate tariffs and trade restrictions that hinder the integration of developing economies into global markets.
\nHe pointed out that Pakistan\u2019s textile and agricultural sectors face significant challenges due to protectionist policies in developed countries and non-tariff barriers that limit their access to Western markets.
\nAddressing the issue of financial inequality, the Minister stressed the need for debt relief and financial justice through restructuring sovereign debt mechanisms to prevent cyclical debt crises, which are impeding the economic growth of many emerging economies, including Pakistan.
\nHe called for reforms in international financial institutions to offer developing economies greater financial flexibility and sustainable debt relief mechanisms.
\nMuhammad Aurangzeb emphasized the transformative potential of technology in bridging global disparities. He called on governments and international bodies to establish global AI and fintech funds to support digital inclusion in developing economies.
\nTalking about the climate change, he said developing nations contribute less than ten percent of global carbon emissions yet suffer disproportionately from the consequences of climate disasters. He said Pakistan, despite contributing less than one percent of global carbon emissions, is one of the world\u2019s most climate-vulnerable countries. He said the devastating floods of 2022 inflicted 30 billion dollars in damages and displaced 33 million people.
\nThe Minister said Pakistan continues to advocate for urgent climate financing, green technology transfers, and fair global climate policies to support climate resilience in developing economies.
\nHe urged developed nations to fulfill their 100 billion dollars annual climate finance commitments and prioritize renewable energy cooperation to help emerging markets transition to low-carbon economies.
\nHe said carbon-intensive trade restrictions that penalize export-dependent economies in the Global South must be reduced. He also called for reforms in the global financial architecture, including the enhancement of Special Drawing Rights allocations and the promotion of green bonds and blended finance models to attract private-sector investment in emerging markets.
\nThe Minister reiterated that the future of globalization must be one of inclusivity, fairness, and shared prosperity.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Finance Minister Muhammad Aurangzeb has said developing countries like Pakistan are facing trade restrictions which prevent them from becoming part of global economy. He said this while attending a high-level session titled \u2018Inclusive Globalization That Benefits All \u2013 Pathways and Actions\u2019 at the Boao Forum for Asia Annual Conference 2025 in China today. Highlighting […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-469373","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n