Economic and Social Council (ECOSOC)
The Economic and Social Council is one of six main organs that give life to the United Nations, overseeing 70 percent of the United Nations human and financial resources. ECOSOC links a range of UN entities and external advisors from businesses, NGO’s and foundations to advance sustainable development.
Chairs: Quinton Denman and Tammy Chong
Chair Report 1: Regulating the Trade of Commodities
Chair Report 2: Preventing Tax Evasion and Reducing Tax Havens
Regulating the Trade of Commodities
Many countries are beginning to dump their goods into other countries due to the stagnation of the demand of the certain commodity within the country’s domestic industry. Recently China was accused of dumping millions of tons of steel into the US which thereby affected the domestic steel market of the US drastically. This is not only for steel but many other commodities such as grains, dairy products and so on. This especially hurts third-world countries since they strive to be self sustainable through their domestic markets. But dumping from other countries causes their domestic markets to be obsolete and thereby hurts the economy as well as increases the unemployment issue within the country. Moreover, many countries dump to other countries in the name of developmental or humanitarian aid. Their ulterior motives are often unnoticed by the victim countries as well as the UN. The regulation of dumping is required to ensure that domestic markets and third-world economies are not broken down and shattered.
Preventing Tax evasion and Reducing Tax Havens
Many countries have slack and lackadaisical tax laws which are thoroughly exploited by MNCs to evade taxes from the country they are based in. This problem is very tricky, since these tax havens provide benefits to the host government as well as the companies themselves. This evasion costs billions of dollars per year which go uncollected and thereby gravely affect the welfare of the citizens of the company’s homebase. If the home country collected these taxes they could dedicate some resources into human welfare, quality of schooling and thereon. These tax havens provide a disadvantage to honest corporations and also hurt the GDP of the country to which the MNC is supposed to provide taxes.