47th G7 Summit Ended On June 13, 2021
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President Joe Biden is overseas meeting the leaders of the world’s most powerful democracies at the G7 Summit. The G7 Summit was held on June 11-13, 2021, in Cornwall in the United Kingdom. A look at what he hoped to accomplish, in the video published on June 11, 2021, “President Joe Biden is overseas meeting world leaders at G7 Summit | ABC News“, below:
CBS News’ Skyler Henry reports, and CBS News chief White House correspondent Nancy Cordes spoke to CBSN’s Tanya Rivero about how the G7 meeting and upcoming NATO summit set up Mr. Biden’s meeting next week with Russian President Vladimir Putin, in the video published on June 11, 2021, “Biden meets with G7 leaders ahead of Putin summit“, below:
The Queen and senior members of the royal family have gathered at the Eden Project where they are hosting a joint dinner for the leaders of the G7, in the video published on June 11, 2021, “Queen and senior royals meet G7 leaders at Eden Project engagement | ITV News“, below:
The leaders of the world’s seven richest democracies—Canada, France, Germany, Italy, Japan, the UK and the United States—met at Carbis Bay Hotel, a seaside resort in Cornwall, from June 11-13, in the video published on June 14, 2021, “G7 Summit 2021: COVID-19 vaccination, climate change and other key takeaways from the meeting“, below:
For details of the 47th G7 Summit, please refer to excerpt from wikipedia, in italics, below:
Leaders at the summit
The participants included the leaders of the seven G7 member states as well as representatives of the European Union. The President of the European Commission has been a permanently welcome participant at all meetings and decision-making since 1981, while the current President of the European Council has been the EU’s co-representative since the 36th G8 summit, hosted by Canada in 2010.
In March 2014, the G7 declared that a meaningful discussion was currently not possible with Russia in the context of the G8. Since then, meetings have continued within the G7 process. Donald Trump and Emmanuel Macron were reported to have agreed that Russia should be invited to the G7 Summit in 2020, but Britain and Canada threatened to veto such a proposal if the US and France went ahead. The 2020 summit was ultimately cancelled due to the COVID-19 pandemic.
The Prime Minister of the United Kingdom, Boris Johnson, invited leaders from India, South Korea, South Africa (Cyril Ramaphosa) and Australia. Australia welcomed the official invitation. South Korean President Moon Jae-in accepted the invitation and extended an invitation to Johnson to attend the Partnering for Green Growth and the Global Goals 2030 (P4G Summit) in May 2021, which Johnson accepted. Indian Prime Minister Narendra Modi also accepted the invitation. It has been suggested that Boris Johnson is attempting to expand the G7 group, a meeting forum for the world’s leading economies, to create the D10, a forum for the world’s ten leading democracies.
The 47th G7 Summit was the first summit for Italian Prime Minister Mario Draghi, Japanese Prime Minister Yoshihide Suga, and U.S. President Joe Biden. It was also the first G7 summit to which the President of South Korea was invited. It is likely that this summit will be the last summit attended by German Chancellor Angela Merkel, because she is not seeking re-election in the German federal election currently due to be held in September 2021. Queen Elizabeth II also hosted G7 leaders at the Eden Project following the first day of talks.
Events leading to the summit
On 12 February 2021, finance ministers and central bank governors from the G7 members held a meeting to discuss the relevant financial issues, from fiscal stimulus to aid for poor countries. They were joined by representatives from the European Commission, European Central Bank, and Eurogroup, and leaders of the IMF, World Bank Group, OECD and Financial Stability Board.
On 19 February 2021, a virtual meeting of G7 leaders was held to call for further international cooperation on vaccine distribution and to take steps on rebuilding from the coronavirus pandemic. The United Kingdom is expected to challenge other G7 countries to speed up the development of future vaccines to 100 days (a target previously set by the Coalition for Epidemic Preparedness Innovations) and to build momentum for a more coordinated approach to future pandemics, including the creation of a global health treaty. Ahead of the meeting, UK Prime Minister Boris Johnson promised to share surplus vaccines doses with developing countries and to call for help to develop vaccines more quickly. The meeting was US President Joe Biden‘s first multilateral engagement after taking office. He stressed the importance of international cooperation and declared “America is Back.”
Also on 19 February 2021, the G7 leaders released their ‘Leader’s Statement’ in which they pledged to intensify cooperation on the health response to COVID-19 and to support economic recovery. All leaders agreed on the need to ensure coronavirus vaccines, therapeutics and diagnostics reach those that need them and agreed on the need for a green, sustainable global recovery, in particular welcoming the United States‘ readmission to the Paris Climate Agreement. David Malpass, President of the World Bank, welcomed what he said was a new “spirit of international cooperation” by G7 nations and its enlarged commitments to COVAX. However, Malpass also stated that a lack of transparency of contracts and delivery schedules was hampering the effort to get vaccines to developing countries quickly.
On 12 March 2021, Foreign Ministers of G7 and the High Representative of the EU issued a joint statement on Hong Kong electoral change, expressing their grave concerns at the Chinese authorities’ decision fundamentally to erode democratic elements of the electoral system in Hong Kong.
On 31 March 2021, the G7 Trade Ministers held their first meeting under the inaugural G7 Trade Track. They reaffirmed the importance of the rules-based multilateral trading system and welcomed Ngozi Okonjo-Iweala, the new WTO Director-General, to their meeting.
On 5 June 2021, during a meeting at Lancaster House in London, the G7 finance ministers agreed on a deal to commit towards a minimum global corporate tax rate of at least 15 percent, which will be aimed at preventing tax havens which cater for large multinational corporations. The commitment will also include steps to ensure that taxes are paid in the countries where businesses operate.
Topics of discussion included developing a response to the COVID-19 pandemic and climate change. British Prime Minister Boris Johnson pledged to call for the G7 to work on a global approach to pandemics to ensure an equal global distribution of COVID-19 vaccines and to prevent future pandemics. He proposed a five-point plan to prevent future pandemics, which includes a worldwide network of zoonotic research hubs, developing global manufacturing capacity for treatments and vaccines, the design of a global early warning system, the agreement of global protocols for a future health emergency and the reduction of trade barriers. The G7 nations agreed to pledge 1 billion vaccines to other countries. South African President Cyril Ramaphosa urged the group to boost COVID-19 testing, diagnostics and vaccines to help finance the World Health Organization‘s program on those issues. Johnson also focused on climate change, a top priority for the United Kingdom ahead of the COP26 conference, which it is due to host in November 2021. UK Secretary for Business Kwasi Kwarteng has indicated that Johnson sought coordinated action on carbon border taxes, green finance, the phase-out of coal and helping poorer countries to step up climate action. While the taxes have been backed by the EU and US, EU climate ambassador Mark Vanhuekelen indicated that Australia may oppose the measures. The G7 nations pledged to reach net-zero emissions by 2050.
Another topic of discussion was international co-ordination on economic policies. United States Secretary of the Treasury Janet Yellen has said there would revival in American multilateralism, focusing on continued economic support. Other finance ministers, including Italian economy minister Daniele Franco, French Finance Minister Bruno Le Maire and UK chancellor Rishi Sunak have similarly called for close economic co-ordination on recovery plans and economic policies. Negotiations over reforming the corporate taxation of multinationals were also carried out, with the United States agreeing to a deadline of the summer to make progress on the issue after threatening to impose tariffs on European countries in retaliation for their new digital sales tax. The United States is also reviewing a plan for the IMF to allocate up to £500bn in special drawing rights to its members, which has been widely endorsed by other countries but was previously blocked by the US. The G7 countries also launched the Build Back Better World initiative, a plan to fund the infrastructural developments in the low and middle income countries.
G7 finance officials have also supported the need to regulate digital currencies. German Finance Minister Olaf Scholz issued a statement about his concerns of authorizing the launch of Facebook’s Diem (formerly Libra) cryptocurrency in Europe.
Boris Johnson stated that he would aim to ‘unlock’ travel restrictions between UK and amber-list US at G7 summit. It is unclear whether any agreement was made.
The G7 nations called for peace in the Taiwan Strait. In response to this, a spokesperson for the Chinese embassy in London stated that “The days when global decisions were dictated by a small group of countries are long gone.”
The cost of policing the summit has been estimated to be £70 million.
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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