August 03
2021
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Trajan Shipley
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14th June 2021
Consumer, Health & Environment Covid-19 External Relations & Trade Tax

G7 Summit: main takeaways

Leaders of the Group of 7 (G7), along with the presidents of the European Commission and the European Council, met last weekend in Carbis Bay, England, to discuss the recovery from the COVID-19 pandemic as well as other multilateral issues.

Their final communiqué highlights a ‘shared G7 agenda for global action’ which includes ending the pandemic by 2022 and reinvigorating the economy, protecting the planet, embracing democratic and open values as well as championing free and fair trade and strengthening partnerships throughout the world.

The target of ending the pandemic by 2022 would require, according to the leaders, vaccinating at least 60% of the world population. To achieve that goal, G7 leaders committed to at least 870 million doses directly over the next year, in addition to working in order to increase production capacity throughout the world.

Leaders also endorsed the agreement reached by finance ministers on 5 June on a global minimum corporate tax rate of at least 15%, and the communiqué also calls for a united front on the reform of the World Trade Organization, the achievement of sustainable global supply chains and the end of forced labour. 

However, the trade discussion mainly dealt with how to counter some of the perceived unfair practices by China. In this sense, the statement calls for the modernisation of the global trade rulebook, including ‘stronger rules to protect against unfair practices, such as forced technology transfer, intellectual property theft, lowering of labour and environmental standards to gain competitive advantage, market-distorting actions of state owned enterprises, and harmful industrial subsidies, including those that lead to excess capacity’.

The communiqué also mentions the need for a ‘trusted, values-driven digital ecosystem’ and for a faster transitioning out of coal, for which leaders agreed to end new direct government support for unabated international thermal coal power generation by the end of 2021.

Read the full communiqué here.

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