Global Compact for Safe, Orderly and Regular Migration A/RES/73/195 (g) Enable political participation and engagement of migrants in their countries of origin, including in peace and reconciliation processes, in elections and political reforms, such as by establishing voting registries for citizens abroad, and through parliamentary representation, in accordance with national legislation; (h) Promote migration policies that optimize the benefits of diasporas for countries of origin and destination and their communities, by facilitating flexible modalities to travel, work and invest with minimal administrative burdens, including by reviewing and revising visa, residency and citizenship regulations, as appropriate; (i) Cooperate with other States, the private sector and employers’ organizations to enable migrants and diasporas, especially those in highly technical fields and in high demand, to carry out some of their professional activities and engage in knowledge transfer in their home countries, without necessarily losing employment, residence status or earned social benefits; (j) Build partnerships between local authorities, local communities, the private sector, diasporas, hometown associations and migrant organizations to promote knowledge and skills transfer between their countries of origin and their countries of destination, including by mapping the diasporas and their skills, as a means to maintain the link between diasporas and their country of origin. Objective 20: Promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants 36. We commit to promote faster, safer and cheaper remittances by further developing existing conducive policy and regulatory environments that enable competition, regulation and innovation on the remittance market and by providing gender-responsive programmes and instruments that enhance the financial inclusion of migrants and their families. We further commit to optimize the transformative impact of remittances on the well-being of migrant workers and their families, as well as on the sustainable development of countries, while respecting that remittances constitute an important source of private capital and cannot be equated to other international financial flows, such as foreign direct investment, official development assistance or other public sources of financing for development. To realize this commitment, we will draw from the following actions: (a) Develop a road map to reduce the transaction costs of migrant remittances to less than 3 per cent and eliminate remittance corridors with costs higher than 5 per cent by 2030 in line with target 10.c of the 2030 Agenda for Sustainable Development; (b) Promote and support the United Nations International Day of Family Remittances and the International Fund for Agricultural Development Global Forum on Remittances, Investment and Development as an important platform to build and strengthen partnerships for innovative solutions on cheaper, faster and safer transfer of remittances with all relevant stakeholders; (c) Harmonize remittance market regulations and increase the interoperability of remittance infrastructure along corridors by ensuring that measures to combat illicit financial flows and money-laundering do not impede migrant remittances through undue, excessive or discriminatory policies; (d) Establish conducive policy and regulatory frameworks that promote a competitive and innovative remittance market, remove unwarranted obstacles to non bank remittance service providers in accessing payment system infrastructure, apply tax exemptions or incentives to remittance transfers, promote market access to diverse service providers, incentivize the private sector to expand remittance services, and 18-22354 29/36