In December 2024, the United Nations General Assembly adopted a resolution to establish the terms of reference for a Framework Convention on International Tax Cooperation. The resolution was proposed by Nigeria on behalf of the African Group. Various nations, led by the Bahamas, view the framework as an opportunity to enhance global tax equity and strengthen the role of developing nations in shaping international tax policy.
However, the move was opposed by Argentina, Australia, Canada, Israel, Japan, Korea, New Zealand, the UK and the US. The European Union and Switzerland abstained. UN members will begin negotiations to draft the convention on 3 February 2025.