C'wealth turns egalitarian, calls for promoting level playing field to reduce global inequalities
Friday, 3 April 2009
The Commonwealth Secretariat strongly believes that to reduce global inequalities, international standard-setting exercises need to promote a level playing field and fair competition between small developing countries and countries with larger and more diversified economies, reports UNB.
In their latest statement, the Commonwealth welcomed efforts to strengthen the international regulatory architecture of financial centres.
The Commonwealth Secretariat issued the statement as the regulation of International Financial Centres (IFCs) has become a topical issue recently, and it received enquiries about the Secretariat's work in the area.
Eduardo del Buey, Spokesperson and Director, Communications and Public Affairs of Commonwealth, issued the statement that says in the area of the International Financial Services Sector, the Commonwealth Secretariat has firmly supported efforts of its small member-states to both diversify their economies and achieve a level playing field.
"In the global arena, the lack of representation and effective participation of small vulnerable economies in international standard-setting bodies and processes is a major drawback," says the statement.
A main concern of small states, which constitute 32 out of the 53 Commonwealth members, is that they have not been - and should be - involved in the development of the growing body of regulations of financial centres that are to apply globally, and as a consequence their particular interests and concerns may not have been reflected or taken into account.
The Commonwealth Secretariat has undertaken advocacy that promotes inclusiveness and engagement in this regard as well as studies and analytical work to quantify and evaluate the impact of OECD-originating regulations on small states.
It has been assisting these countries to obtain inclusion in ongoing discussions by establishing the OECD Global Level Playing Field Sub-group, which has met annually since 2003.
In agreeing to the Subgroup, the OECD has helped set the stage for direct dialogue between member and non-member jurisdictions and allowed small states to make input into setting standards. The Sub-group has also allowed the unique challenges faced by small states to be brought to the fore.
Cognizant of matters such as money laundering and tax evasion, the Commonwealth Secretariat provides assistance to many members to develop appropriate legislation and to strengthen their institutions.
In their latest statement, the Commonwealth welcomed efforts to strengthen the international regulatory architecture of financial centres.
The Commonwealth Secretariat issued the statement as the regulation of International Financial Centres (IFCs) has become a topical issue recently, and it received enquiries about the Secretariat's work in the area.
Eduardo del Buey, Spokesperson and Director, Communications and Public Affairs of Commonwealth, issued the statement that says in the area of the International Financial Services Sector, the Commonwealth Secretariat has firmly supported efforts of its small member-states to both diversify their economies and achieve a level playing field.
"In the global arena, the lack of representation and effective participation of small vulnerable economies in international standard-setting bodies and processes is a major drawback," says the statement.
A main concern of small states, which constitute 32 out of the 53 Commonwealth members, is that they have not been - and should be - involved in the development of the growing body of regulations of financial centres that are to apply globally, and as a consequence their particular interests and concerns may not have been reflected or taken into account.
The Commonwealth Secretariat has undertaken advocacy that promotes inclusiveness and engagement in this regard as well as studies and analytical work to quantify and evaluate the impact of OECD-originating regulations on small states.
It has been assisting these countries to obtain inclusion in ongoing discussions by establishing the OECD Global Level Playing Field Sub-group, which has met annually since 2003.
In agreeing to the Subgroup, the OECD has helped set the stage for direct dialogue between member and non-member jurisdictions and allowed small states to make input into setting standards. The Sub-group has also allowed the unique challenges faced by small states to be brought to the fore.
Cognizant of matters such as money laundering and tax evasion, the Commonwealth Secretariat provides assistance to many members to develop appropriate legislation and to strengthen their institutions.