African countries are playing a pivotal role in driving a proposed United Nations (UN) framework that aims to fundamentally overhaul global tax co-operation.

That is according to Egypt’s Deputy Minister of Finance, Ramy Mohamed Youssef, who also chairs the UN Intergovernmental Negotiating Committee on International Tax Co-operation. On a working visit to South Africa focusing on the future of global tax governance, Youssef highlighted that the continent has firmly established itself at the forefront of designing the proposed UN Framework Convention on International Tax Co-operation.

Youssef acknowledged that while standard diplomatic compromises mean African states might not secure every single objective, the continent’s unified stance is already leaving an indelible mark on global financial systems to ensure future rules benefit developing economies.

“Since the beginning until now, the African countries are the ones who are leading the process,” Youssef noted. “Maybe it will end up that, like in any negotiation, they will not get everything they want, but at least we will have our influence, we will have our footprint in forming and shaping this financial architecture of the world, and all of it at the end will just go to our benefits.”

–ChannelAfrica–