Pakistan’s Federal Minister for Finance and Revenue, Muhammad Aurangzeb, has proposed forming a global coalition of developing countries to advocate for fair trade practices and enhanced representation in international financial institutions. Speaking at the Boao Forum for Asia Annual Conference 2025 in China, Aurangzeb highlighted the inequities in the global economy, noting that its benefits are often skewed toward developed nations, leaving countries in the Global South at a disadvantage.
Aurangzeb emphasized the structural challenges faced by developing nations, including high tariffs, discriminatory trade practices, and limited market access. He called for reforms in the global sovereign debt system, urging multilateral institutions like the G20 and the International Monetary Fund (IMF) to facilitate debt relief and promote financial equity. He stated, “The G20 and IMF must reform the sovereign debt system to enable debt forgiveness and ensure financial fairness.”
Leaders from academia, business, and government gather at the Boao Forum for Asia, commonly referred to as the “Asian Davos,” to debate important regional and global issues. “Asia in the Changing World: Towards a Shared Future” is the theme of this year’s conference, which takes place from March 25 till the 28th.
