China: Finance Minister Muhammad Aurangzeb has called for a more inclusive approach to globalization that benefits all nations, especially developing economies. He stressed this point during the Boao Forum for Asia Annual Conference 2025 in China, where he participated in a high-level session titled ‘Inclusive Globalization That Benefits All – Pathways and Actions.’
Aurangzeb highlighted the persistent inequalities within the global economic system, noting that while globalization has lifted over one billion people out of poverty, it remains skewed in favor of developed nations. He warned of the risks posed by rising protectionism, unilateralism, and trade wars, which threaten to fragment international cooperation and disrupt supply chains. To ensure the survival of globalization, he argued, a rebalancing is essential to allow fairer participation for disadvantaged nations.
The Minister emphasized that the era for mere talk has ended, urging decisive action toward a balanced globalization model. This model, he said, should promote fair trade, sustainable growth, and equitable financial systems, driven by multilateralism and innovation. He pointed out that the wealth and opportunity gap remain a significant challenge, with developed nations benefiting from high-tech sectors and digital trade, while developing countries face high tariffs and limited infrastructure.
Aurangzeb reiterated Pakistan’s longstanding call for enhanced regional connectivity, equitable market access, and stronger multilateral cooperation. He cited the China-Pakistan Economic Corridor and the Special Investment Facilitation Council as significant steps forward.
He also advocated for a global coalition among developing nations to demand fairer trade rules and greater representation in international financial institutions. Such alliances, he noted, are crucial in addressing the disproportionate tariffs and trade restrictions that hinder developing economies’ integration into global markets.
Addressing financial inequality, Aurangzeb called for restructuring sovereign debt mechanisms to prevent cyclical debt crises, which hinder economic growth in emerging economies like Pakistan. He urged reforms in international financial institutions to provide developing countries with greater financial flexibility and sustainable debt relief.
Aurangzeb emphasized the transformative role of technology in reducing global disparities and called for the establishment of global AI and fintech funds to support digital inclusion in developing regions.
On climate change, the Minister highlighted those developing nations contribute less than ten percent of global carbon emissions but suffer disproportionately from climate disasters. He cited Pakistan’s vulnerability, referencing the devastating floods of 2022 that caused $30 billion in damages and displaced 33 million people.
He called for urgent climate financing, green technology transfers, and equitable global climate policies to bolster climate resilience in developing economies. He urged developed nations to meet their $100 billion annual climate finance commitments and prioritize renewable energy cooperation.
Aurangzeb also called for reducing carbon-intensive trade restrictions that penalize export-dependent economies in the Global South. He proposed reforms in the global financial architecture, including enhancing Special Drawing Rights allocations and promoting green bonds to attract private-sector investment in emerging markets.
He concluded by reiterating that the future of globalization must prioritize inclusivity, fairness, and shared prosperity.