New Delhi, Dec 2 (PTI) Finance Minister Nirmala Sitharaman on Tuesday said with the growing digitization of the economy and the emergence of new financial products, countries worldwide will have to cooperate with timely exchange of information while ensuring fairness and public trust in the tax system. Addressing the 18th Global Forum Plenary, Sitharaman said technological tools such as artificial intelligence, along with judgement, must be used to ensure that tax information exchanged between jurisdictions leads to measurable outcomes. The World Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework made up of 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange. Stating that confidentiality and cyber security must be maintained with great care, the minister called for joint attention and cooperation for the new challenges arising from the digitization of the economy, the emergence of new financial products and evolving structures of beneficial ownership. “These are not challenges that any one country can address alone. They demand coordination, trust and timely exchange of relevant information,” she said. The role of the Global Forum in reviewing implementation, developing standards and supporting countries remains critical, she said, adding that transparency can be both effective and fair when guided by clear rules, mutual respect and shared goals. “As work progresses, our collective task is to deepen current standards where necessary and to ensure that information exchanged translates into measurable outcomes. The focus must remain on fairness, sustainability and public confidence in the integrity of tax systems,” said Sitharaman. “We may come from different jurisdictions and traditions. But we are united by the shared goal of ensuring that legitimate economic activity is encouraged, that evasion is discouraged,” the minister added. Noting that voluntary compliance has strengthened in India over the past decade due to fairness and predictability in tax systems, the minister said India is integrating shared information with broader analyzes of compliance and risk. She said technology and artificial intelligence offer opportunities to make sense of information in a timely and efficient way, but the key is “judgement, responsibility and a respect for procedures. “Innovation must always go hand in hand with accountability. It is that balance that gives systems strength and credibility,” Sitharaman said.