UN member states launched formal negotiations Monday on an international tax accord, aiming to create a “fair” system that addresses tax evasion by the super-wealthy and multinational businesses, among other issues.

“Our mandate is clear, we must craft a framework convention that redefines fairness, transparency, equity in the international tax system,” said Egyptian official Ramy Youssef, chair of the United Nations negotiating committee that is set to run until 2027.

“This is not merely a technical exercise. It’s a moral imperative,” he said, denouncing billions of dollars “lost annually to profit shifting, harmful tax competition and illicit financial flows.”

“These losses deprived nations, especially the most vulnerable of resources critical for achieving sustainable development goals, protecting human rights and ensuring a just transition to a green future,” he said.

Under pressure from African countries, which want a place at the negotiating table for international tax rules, the UN General Assembly in 2023 acted on the idea of such a framework convention to make tax cooperation “fully inclusive and effective.”

After a year of discussions, the negotiating mandate was adopted at the end of last year.

Among the reference principles are the “equitable taxation of multinational enterprises” and “addressing tax evasion and avoidance by high-net worth individuals.”

Currently, international tax issues are largely decided by wealthy member countries of the Paris-based Organization for Economic Cooperation and Development (OECD).

Developing nations, which are leading a push for a larger reform of the international financial systems, have criticized their exclusion from the decision making.