Corporate tax agreement a big step forward for global justice

We need wise strategies and bold tactics to deliver on a truly multilateral agenda for all. The recent global agreement to reform international corporate taxation is a vital step forward, write Josep Borrell and Paolo Gentiloni

United States Secretary of the treasury Janet Yellen at a G20 Economy, Finance ministers and Central bank governors' meeting in Venice, Italy, last July where a global minimum tax rate of at least 15% for multinational corporations was endorsed. Photo: AP/Luca Bruno

Multilateralism has been on the defensive in recent years. In a global setting that is more multipolar than multilateral, competition between states seems to prevail over co-operation nowadays. 

However, the recent global agreement to reform international corporate taxation is welcome proof that multilateralism is not dead.