Finance Minister Urges Inclusive Globalization at Boao Forum, Focuses on Equitable Growth for Developing Nations
At the 2025 Boao Forum for Asia Annual Conference in Boao, Hainan Province, China, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb delivered a powerful message on the urgent need for an inclusive approach to globalization. Speaking during the high-level session titled “Inclusive Globalization That Benefits All – Pathways and Actions,” the minister highlighted that globalization, despite its achievements, has failed to address the fundamental inequalities that persist in the global economy.
Senator Aurangzeb emphasized that although globalization has contributed to lifting over a billion people out of poverty, the benefits have not been equally distributed. He pointed out that developed economies have reaped the lion’s share of the rewards, while developing nations, particularly those in the Global South, remain marginalized. The minister cautioned that the rise of protectionism, trade wars, and unilateralism are further exacerbating these inequalities, posing significant risks to international cooperation, and threatening the stability of global supply chains.
For globalization to continue to thrive and remain relevant in today’s world, the minister argued that a rebalancing is essential. He stated that all nations, especially those disadvantaged by restrictive trade policies and limited financial access, must be allowed fairer participation in the global economic system. He made it clear that the time for rhetoric is over, and decisive actions must be taken to ensure that the benefits of globalization reach all corners of the world.
As part of Pakistan’s vision for a fairer global economy, Senator Aurangzeb urged for a model of globalization that focuses on sustainable growth, fair trade, and equitable financial systems. This model, he stressed, must be innovation-driven, multilateral, and inclusive, aiming to foster development and prosperity across all regions, especially the Global South. The minister argued that such an approach would be pivotal for addressing the growing wealth and opportunity gaps that currently divide nations.
A significant obstacle to achieving this vision is the widening gap between developed and developing nations in terms of access to high-tech industries, digital trade, and financial resources. While developed countries continue to benefit from these sectors, emerging economies are often hampered by high tariffs, restrictive investment policies, and underdeveloped infrastructure.
Pakistan, according to the minister, is actively working to address these issues. He pointed to initiatives such as the China-Pakistan Economic Corridor (CPEC) and the Special Investment Facilitation Council (SIFC) as vital steps toward enhancing regional connectivity and improving market access for developing economies. Senator Aurangzeb also called for greater multilateral cooperation and stronger alliances among developing nations to advocate for fairer trade rules and increased representation in international financial institutions.
One of the key points raised by the finance minister was the need for financial justice. He emphasized that sovereign debt restructuring is essential to prevent recurring debt crises in emerging economies. With global debt surpassing $100 trillion, the minister noted that over 60% of low-income countries are at risk of debt distress, which diverts vital resources away from social and economic development. Reforms in international financial institutions, he argued, are critical to providing developing nations with more financial flexibility and sustainable debt relief options.
In addition to these financial reforms, Senator Aurangzeb underscored the transformative potential of technology in bridging global disparities. He called for global AI and fintech funds that could support digital inclusion in developing economies, allowing small and medium enterprises (SMEs) to participate in the global digital economy. Pakistan’s Digital Pakistan initiative, he noted, is a step in this direction, but international collaboration in areas such as AI, fintech, and e-commerce is crucial to ensure that developing nations can fully harness the benefits of these technologies.
The finance minister also highlighted the importance of addressing climate change as part of the global conversation on globalization. Despite contributing less than 10% of global carbon emissions, developing countries are disproportionately affected by the impacts of climate change. Pakistan, which contributes less than 1% of global emissions, has suffered severe consequences, including the devastating 2022 floods, which caused $30 billion in damages and displaced 33 million people. Senator Aurangzeb called for urgent climate financing, green technology transfers, and fair global climate policies to help developing countries build resilience to climate change.
In conclusion, Senator Muhammad Aurangzeb’s remarks at the Boao Forum for Asia serve as a strong call for an inclusive, equitable, and sustainable approach to globalization. His emphasis on multilateral cooperation, financial justice, and the role of technology in bridging global disparities highlights the need for a reimagined global economic system—one that prioritizes the development and prosperity of all nations, particularly those in the Global South.