More than 130 political leaders, dignitaries, experts and representatives from more than 40 countries, together with a Chinese delegation, met this Thursday in Madrid, under the framework of the Imperial Springs International Forum (ISIF 2024), in which they saw the need to create a “more equitable” international tax system to promote sustainable development.
This is the first time that this event has been held beyond the borders of the Asian giant and under the motto ‘Collective action for a common future’, they have addressed the profound transformations that the international system is going through.
The global economic situation has been one of the central topics of discussion at the Forum. Faced with growing challenges such as inflation, protectionism and fragile supply chains, leaders have advocated reforming the World Trade Organization and stabilizing international trade. They have also highlighted the role of multilateral financial institutions – such as the G20 and development banks – in promoting financial stability and debt reduction in low- and middle-income countries.
It was in this context that they underlined the need to “accelerate” sustainable and inclusive development, “prioritizing a more equitable international tax system, debt restructuring in vulnerable countries and the creation of inclusive financial frameworks.”
ISIF has also highlighted the importance of “a more effective international financial architecture” to support developing economies.
The debate on transition financing is very present in this international context. In fact, the latest conclusions of COP29, held in Baku (Azerbaijan) in mid-November, closed with a final agreement that established that developed countries should contribute $300 billion annually until 2035 to help developing economies transition. towards a more sustainable economy.
Initially, the objective was much more ambitious, since it aspired to exceed the prior commitment of 100,000 million of dollars annually, with goals of reaching at least 1 trillion dollars by 2025 and up to 2.4 trillion annually by 2030 to address the global climate crisis.
Diego Martínez Belío, Secretary of State for Foreign and Global Affairs of Spain, highlighted that “the responsibility of generating inclusive economic growth transcends borders, and Spain defends and will continue to defend a constructive role between our country and China.”
For his part, José Luis Martínez-Almeida, mayor of Madrid—host and institutional partner of Club de Madrid—underlined the importance of the Forum by stating: “Only by strengthening ties and relationships can we build stronger and more cohesive societies.” Likewise, he presented Madrid as a “global capital of dialogue and collaboration”, highlighting that “we are a meeting point, a place of mutual recognition: that is the hallmark of Madrid.”
Precisely, multilateral dialogue was another of the central axes of this Forum. Together, they analyzed agreements on concrete measures to revitalize multilateralism, strengthen international cooperation and rebuild trust between nations. At the opening of the forum, Hu Chunhua, vice chairman of the National Committee of the 14th Chinese People’s Political Consultative Conference, shared a message from President of the People’s Republic of China Xi Jinping, noting that “since its establishment, the Forum has advocated multilateralism, carried out in-depth discussions on global governance issues and actively shared China’s proposals.
Technology and innovation were also some of the key points of this multilateral event. The speakers highlighted the need to establish “global governance frameworks for artificial intelligence and green technologies, which guarantee equitable access and avoid the concentration of power.”
In this sense, during the sessions, it was concluded that international cooperation “must ensure that emerging technologies contribute to global equity instead of exacerbating inequalities.” As Michelle Bachelet, former president of Chile, noted: “It is essential to develop equitable governance frameworks, ensure inclusive financing and prevent monopolization of technological advances, especially in the most vulnerable regions.”
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