FM Sitharaman Calls for Global Cooperation at Global Forum
Nirmala Sitharaman, the Finance Minister of India, stated that the global economy is encountering fresh and intricate obstacles due to the digitalization of economic activities and the introduction of new financial products. She emphasized the necessity for collaborative efforts by all jurisdictions to address these concerns.
She says, "There are new challenges that call for joint action, the digitalization of the economy, the emergence of new financial products and evolving structures of beneficial ownership, which require continued cooperation between jurisdictions".
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Sitharaman stressed the importance of maintaining confidentiality and cybersecurity when countries collaborate to enhance information sharing. She noted that these issues cannot be tackled by one country alone, underscoring the need for coordination, trust, and timely sharing of pertinent information.
The 18th Global Forum Plenary Meeting is an international event centered on tax transparency and combating offshore tax evasion through global collaboration. This conference is organized by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes and will be held in New Delhi from December 2-4, 2025.
"In a global economy where interdependence is a fact of life, stable and trusted relationships between jurisdictions are indispensable," she says.
The minister emphasized the importance of maintaining a collective focus on fairness, sustainability, and public trust in the integrity of tax systems.
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Sitharaman emphasized the importance of enabling all jurisdictions to fully and comfortably engage in the international framework. She mentioned that in India, steps have been taken to combine shared information with comprehensive evaluations of adherence and potential risks.
The minister explained the reasoning behind India's approach, stating that despite the diverse backgrounds and traditions of countries, they are united in their goal to promote legal economic activities, deter evasion, and ensure dignified growth of societies.
Sitharaman highlighted that the presence of the Global Forum proves that collaboration in tax issues is not only feasible but also advantageous, attainable, and crucial in today's worldwide financial landscape. She stated that there has been a significant change in the world from a system that was restricted by secrecy and limited information access to one where transparency is now seen as crucial for fairness, adherence to rules, and responsible management.
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She pointed out that the change did not occur on its own, but was the result of a combined effort, willingness to make changes, and ongoing efforts by organizations like the Global Forum.
"For India, transparency in tax matters has always gone beyond administrative reform," she said, adding that it rests on a deeper principle that economic governance must be built on fairness and responsibility.