Boao (TDI): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has emphasized the urgent need for an inclusive approach to globalization, one that benefits all nations, particularly the developing economies.
He said this while attending a high-level session ‘Inclusive Globalization That Benefits All – Pathways and Actions’ at the Boao Forum for Asia Annual Conference 2025, being held in Boao, Hainan Province, China. The Forum started on March 25 and will continue till March 28.
Highlighting the growing inequalities within the global economic system, the Minister stated that while globalization has lifted over one billion people out of poverty, it remains fundamentally unequal. For globalization to survive, it must be rebalanced to allow fairer participation for all nations, particularly those in the Global South.
Senator Aurangzeb underscored that a more balanced model of globalization must be multilateral, innovation-driven, and inclusive, to foster development and prosperity across all regions.
The Minister noted that Pakistan has consistently called for greater regional connectivity, citing initiatives like the China-Pakistan Economic Corridor (CPEC) and the Special Investment Facilitation Council (SIFC) as steps in the right direction.
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The Minister also called for a global coalition among developing nations to collectively demand fairer trade rules and greater representation in international financial institutions.
He highlighted that global debt has soared past $100 trillion, with over 60% of low-income countries at risk of debt distress, diverting resources from critical social and economic investments. He called for reforms in international financial institutions to offer developing economies greater financial flexibility.
The Minister also called on governments and international bodies to establish global AI and fintech funds to support digital inclusion in developing economies. He also stressed that climate change must be central to any discussion of globalization.
Developing nations contribute less than 10% of global carbon emissions yet suffer disproportionately from the consequences of climate disasters. Pakistan, despite contributing less than 1% of global carbon emissions, is one of the world’s most climate-vulnerable countries.
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Senator Aurangzeb concluded his remarks by calling for a more sustainable approach to globalization. Developed nations, he urged, must fulfill their $100 billion annual climate finance commitments and prioritize renewable energy cooperation to help emerging markets transition to low-carbon economies.
The Minister reiterated that the future of globalization must be one of inclusivity, fairness, and shared prosperity. The time to act, he emphasized, is now.
Nuzhat Rana is an Associate Editor at The Diplomatic Insight.
