FM calls for recovering, returning stolen assets to developing countries

ISLAMABAD: Foreign Minister Shah Mahmood Qureshi has called for a fairer multilateral trading system and the necessity of recovering and returning stolen assets to developing countries, ARY News reported on Friday.

FM Shah Mahmood Qureshi delivered a video statement at the ministerial meeting of the Group of 77 (G-77) on the eve of the 15th quadrennial session of the United Nations Conference on Trade and Development (UNCTAD) being hosted in a virtual format by Barbados.

Sharing Pakistan’s perspective on the contemporary global development challenges, the foreign minister underscored the urgency of vaccine equity, debt relief, and enhanced concessional finance to address multiple inequalities.

In terms of systemic solutions, FM Qureshi 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.

Noting the solidarity and support that defined the G-77’s ethos, Shah Mahmood Qureshi paid tribute to the members for safeguarding and advancing the legitimate development, trade and investment interests of the developing countries.

The foreign minister 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.

UNCTAD and the Group of 77 were established in 1964 to protect and promote the development interests of the Global South. Pakistan has been an active member of both and has made valuable contributions to their debates, policies and outcomes.