Tax Cooperation and Combatting Illicit Capital Flows: the Commission proposes increasing the agreed global minimum tax rate from 15% to 25%, banning tax incentives for natural resource exploitation, and ensuring adequate taxation of very rich individuals, including through a minimum tax on the very wealthy. To combat illicit financial flows, the Commission proposes mandatory country-by-country reporting by MNEs, a publicly accessible global registry of beneficial ownership, and a UN protocol on illicit flows.
WTO Contribution To Global Food Security
A few years ago, trade negotiators pacing the corridors of the World Trade Organization (WTO) would not have expected a war in Europe, a global pandemic, and a global food crisis to dominate discussions at a WTO Ministerial Conference. The Food and Agriculture Organization of the UN (FAO) has reported that world hunger increased in 2020 under the shadow of the COVID-19 pandemic. Zooming into the Black Sea, the closure of Ukrainian ports amidst the Russian invasion does not bode well for net food-importing countries across the globe.