The 15th Quadrennial session of United Nations Conference on Trade and Development (UNCTAD) G-77 held in virtually held by Barbados. The event participants discussed on the reform of the global financial architecture should place more emphasis on financing for development, in addition to greater financial stability. It is also important that these reforms should include greater participation by the developing countries in the decision-making processes of the international financial institutions, consistent with the growing weight of these countries in international trade and investment flows and the significant impact the reforms will have on them.
Sharing Pakistan’s perspective on the contemporary global development challenges, Prime Minster underscored the urgency of vaccine equity, debt relief, and enhanced concessional finance to address multiple inequalities. In terms of systemic solutions, the Prime Minister called for reform of the international financial and taxation architecture, a fairer multilateral trading system and the necessity of recovering and returning stolen assets to developing countries. It is noted that during the Ministerial summit, Pakistan’s Foreign Minister reiterated the solidarity and support that defined the G-77’s ethos, the Foreign Minister paid tribute to the members for safeguarding and advancing the legitimate development, trade and investment interests of the developing countries. Pakistan has also acknowledged the seminal contribution made by UNCTAD, in terms of producing high quality analytical reports, providing policy advice and technical assistance to developing countries to enable them to participate and benefit from the dividends of international trading, financial, investment and taxation regimes. Pakistan has been an active member of both and has made valuable contributions to their debates, policies and outcomes. Furthermore, Islamabad also reiterated the importance of expanding the opportunities and channels for transfer of technology and know-how to developing countries. There is a need to analyze the impact of existing multilateral trade agreements on access to technology. There is also a need to implement commitments, embodied in existing international agreements, related to technology transfers to developing countries.