ROME, Nov 29: Malaysia’s former prime minister Mahathir Mohammed called Saturday for worldwide taxation of multinational corporations, denouncing the World Trade Organization (WTO) for favouring rich countries.

“The rich want the poor to open up their countries so that they can fully exploit them,” Mr Mahathir said, speaking at a UN Food and Agriculture Organization (FAO) conference in Rome.

“What is clear is that the profits made by the multinationals come from the contributions of the poor countries through low wages, foregoing taxes, and providing capital,” the former Malaysian leader said, proposing a world corporate tax to help balance the global economy.

He said the WTO should focus its efforts on fair rather than free trade.

“Taxing the rich to help the poor is morally desirable,” Mr Mahathir, who left office last month after 22 years in power, said, adding that a UN tax collecting agency should be established to administer the funds for building needed infrastructure in poor countries.

Mahathir was known for his outspokenness on the gap between rich and poor while he was in office. While he has left the active political stage, he has vowed to continue commenting on the global political and economic situation.—AFP