by Wang Kai

 

BOAO, Mar 27 (China Economic Net) - At the Boao Forum for Asia (BFA) panel session titled "Inclusive Globalization that Benefits All: Pathways and Actions", Pakistan's Federal Minister for Finance & Revenue, Muhammad Aurangzeb, emphasized that "inclusive globalization is a necessity" and urged the international community to create a fairer system for all nations.

 

Speaking on Wednesday morning, Mr. Aurangzeb outlined four major challenges hindering inclusive globalization: unfair trade practices and market access barriers, financial inequality and debt crises, the digital and technological divide, and climate change disparities. He stressed that without addressing these issues, sustainable global growth remains unattainable.

 

To achieve equitable globalization, the minister proposed a four-point action plan: trade reforms to level the playing field for developing economies, reforming WTO dispute settlement mechanisms to ensure fairness, restructuring the global financial architecture to reduce inequality, and advancing greener and sustainable globalization through climate-conscious policies.

 

Mr. Aurangzeb also highlighted the importance of strengthening regional economic partnerships and leveraging technology to drive effective globalization.

 

In conclusion, Mr. Aurangzeb expressed his vision for a globalization model that fosters fair trade, sustainable growth and equitable financial systems and a multilateral, sustainable and innovation-driven global economy that promotes the development and prosperity of all nations.

 

The Boao Forum for Asia (BFA) Annual Conference 2025 is being held from March 25 to 28 in Boao, Hainan Province in south China. Nearly 2,000 representatives from over 60 countries and regions are attending the four-day event.