Country representatives reached a groundbreaking agreement, the Addis Ababa Action Agenda (AAAA), which includes a series of measures to overhaul global finance practices and generate investments to address a range of economic, social, and environmental challenges. The AAAA sets the foundation for the implementation of the global sustainable development agenda, and, among other pledges, invites businesses to engage as partners in the development process.

Philip Morris International (PMI) welcomes the adoption of the AAAA and the recognition of the role businesses can, and must, play in financing development. In the words of U.N. Secretary-General Ban Ki-moon “this agreement is a critical step forward in building a sustainable future for all since it provides a global framework for financing sustainable development”. We share this view and believe that public-private partnerships, along with the development of concrete regulatory frameworks to better align private sector incentives with public goals, can deliver meaningful results.

We also recognize that taxes consumers pay when purchasing tobacco products represent an important revenue source for financing development around the world. However, challenges such as tax avoidance, corruption, smuggling, and illicit trade continue to deprive countries of much needed revenues. Addressing these challenges and strengthening the countries’ ability to secure and further develop their economies, requires a collaborative approach and joint efforts by governments, the private sector, and civil society.

Available at: http://allafrica.com/stories/201509151075.html