HRC55 - Interactive Dialogue with the Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of[...]

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HRC55 - Interactive Dialogue with the Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights - EU Statement

11.03.2024 Press and information team of the Delegation to the UN in Geneva

UNITED NATIONS HUMAN RIGHTS COUNCIL: 55^th session

Interactive Dialogue with the Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights

8 March 2024

EU Statement

Thank you, Mr. President,

We thank the Independent Expert for today's presentation and take note of her latest report on fiscal legitimacy through human rights.

Madam Independent Expert,

In his recently launched vision statement, the High Commissioner underlined that we must transform our economies with equality and sustainability at the core, which would ultimately help states in advancing their human rights situations and in finding solutions.The collective aspiration of the EU Member States is to establisha strengthened international financial architecture that prioritises people and puts human rights at its core.

Recently, the EU implemented groundbreaking rules enforcing a minimum effective taxation rate of 15% for multinational corporations active in EU Member States. This historic reform marks a major step towards a fairer corporate taxation system and has the potential to generate an extra $220 billion annually to help countries around the world fund crucial investments and high quality public services.

In light of this, could you elaborate on strategies for reforming the global financial system to uphold principles of accountability, transparency, and fairness?

Thank you.