Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has urged for a more robust and representative role for emerging markets and developing economies in global economic governance. Speaking during an interview with the Saudi Press Agency (SPA) at the second edition of the AlUla Conference for Emerging Market Economies, Aurangzeb highlighted that the increasing contribution of these economies to global growth must be mirrored by greater influence in international decision-making forums.
The finance minister emphasized the growing importance of coordinated policy responses in the face of rising geopolitical tensions, fragmentation of global trade, and rapid technological advancements, particularly in the realm of artificial intelligence. He pointed out that the global economy is undergoing a period of significant transformation, making collaboration among emerging economies more crucial than ever.
Aurangzeb praised the Kingdom of Saudi Arabia for hosting the AlUla Conference, describing it as a timely and well-structured platform. The forum, he said, brings together finance ministers and central bank governors to exchange insights and strategies in an increasingly complex global economic environment. Reflecting on the inaugural edition of the conference, the minister noted that the world economy has experienced substantial shifts, reinforcing the urgency for deeper cooperation among emerging markets and developing nations.
He highlighted that emerging markets and developing economies now account for a substantial share of global output and growth. “Their expanding economic weight must be reflected in global governance structures,” Aurangzeb said, underlining the need for these nations to have a stronger voice in shaping international economic policies.
Aurangzeb stressed that gatherings like the AlUla Conference should not be limited to dialogue alone but should result in actionable outcomes. “It is not merely about discussions, but about translating deliberations into concrete policy actions and ensuring execution over the course of the year,” he said, emphasizing that implementation and follow-through are the key indicators of success.
He expressed optimism that the AlUla Conference would help strengthen coordination among emerging economies, enabling them to collectively shape a more inclusive, resilient, and representative global economic order. Aurangzeb’s remarks underscore the evolving role of emerging markets in international finance, particularly as technological innovations like artificial intelligence begin to influence global trade patterns and investment flows.
The conference comes at a time when geopolitical uncertainties and economic fragmentation are challenging traditional economic governance frameworks. By bringing together policymakers from diverse emerging economies, the event aims to create a platform for collaboration, shared learning, and unified strategies that can address global challenges while advancing the interests of developing nations.
Aurangzeb’s statements reflect a broader push by emerging markets to secure greater representation in global institutions and decision-making processes. As these economies continue to expand their influence on world trade and finance, forums like the AlUla Conference serve as critical venues to amplify their voices and ensure that policy frameworks are aligned with the realities of a changing global economic landscape.
Overall, the finance minister’s remarks signal a clear demand for enhanced cooperation, policy coordination, and tangible action among emerging markets, reinforcing their role as key stakeholders in shaping the future of global economic governance.
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