Defence Minister Khawaja Asif has called for improved global economic equity by enhancing the representation of developing countries in international financial institutions. Speaking at the Summit of the Future on its second and concluding day, Asif emphasized the need for a more equitable sovereign debt architecture and an international tax regime. He also demanded reforms in the World Trade Organization (WTO) to support export expansion and development through preferential treatment for developing countries and to avoid new forms of environmental protectionism.
“The UN, by virtue of its universal membership and mandate, remains an indispensable platform to propel and monitor the implementation of these commitments,” Asif stated. He highlighted the importance of bridging the North-South divide and preventing an East-West fragmentation of the digital space. “We must ensure equitable data governance and capture and control the power of Artificial Intelligence,” he added.
Addressing the various global challenges, Asif lauded the UN’s Pact for the Future as a collective determination to respond to these issues. He called for translating the commitments of the Pact into concrete action, stressing that it will be transformative only if implemented effectively.
The comprehensive pact, approved by world leaders, aims to strengthen global governance and tackle key challenges such as sustainable development, international peace, technological innovation, youth and future generations, and transforming global governance. It proposes detailed action plans to address these challenges.
“For the over 100 developing countries, the Pact offers an opportunity to revitalize development and reform the unequal international financial and economic system,” Asif remarked during his speech at the UN General Assembly hall. He pointed out the need for bridging the $4 trillion Sustainable Development Goals (SDG) financing gap by fulfilling the Official Development Assistance (ODA) commitments, implementing the UN Secretary-General’s SDG Stimulus proposal, and re-channeling 50% of the unused 2021 allocation of Special Drawing Rights (SDRs).
Asif also called for delivering a more ambitious International Development Association (IDA) with a robust $100 billion replenishment, enlarging lending by multilateral development banks, and lowering borrowing costs for developing countries.
Touching upon the longstanding Kashmir and Palestine issues, Asif warned that “no sustainable development can take place till tragedies like Gaza are perpetuated by the developed world.” He emphasized the need to activate measures in the UN Charter to resolve new and old disputes, including the Jammu and Kashmir conflict.
Referring to the frequent failure of the UN Security Council (UNSC), Asif opposed the addition of more permanent members, as demanded by India and its allies, stating that it would only increase the prospects of paralysis within the council. “Instead,” he suggested, “the council should be adequately enlarged and made more representative by adding more non-permanent, elected members.”
Defence Minister Khawaja Asif’s remarks underscore Pakistan’s stance on achieving global economic equity, enhancing the representation of developing states in international financial institutions, and addressing critical international conflicts through comprehensive reforms and collective action.
