A major step forward for global tax justice – MENAFN.COM

A major step forward for global tax justice – MENAFN.COM

(MENAFN - Gulf Times) Multilateralism has been on the defensive in recent years. In a global setting that is more multipolar than multilateral, competition between states seems to prevail over co-operation nowadays. However, the recent global agreement to reform international corporate taxation is welcome proof that multilateralism is not dead. But it is not healthy, either. While globalisation has continued during the Covid-19 pandemic – albeit more unevenly than before and despite people's feelings of increased isolation – interdependence is ever more conflictual. Even soft power is being weaponised, with vaccines, data, and technology standards all becoming instruments of political competition. The world is also becoming less free. Democracy itself is under attack, amid a pitched battle of narratives over which political and economic system can best deliver for its citizens. The European Union continues to believe in and work for a predictable world of rules-based multilateralism, open markets, positive-sum outcomes, and social justice and solidarity. We remain convinced that today's challenges – from fighting the pandemic to tackling climate change – can be handled only through global co-operation. The EU will thus continue to lead on reviving rules-based multilateralism, in order to show our citizens the concrete benefits of