UNITED KINGDOM: The leaders of the seven G7 member states and representatives of the European Union are participating in this year’s summit. The UK is going to host this year’s summit and has invited Australia, India, South Korea and South Africa as guests to the summit.
The 47th G7 summit begins today in Carbis Bay, Cornwall, United Kingdom. The last G7 summit in August, 2019 was held in the French seaside town of Biarritz. The US held the G7 Presidency in 2020 but did not convene a Leaders’ summit due to COVID-19 pandemic.
Who’s who of the leaders
World leaders are expected to join the summit. The list includes: Justin Trudeau – Prime Minister, Canada, Emmanuel Macron – President, France, Angela Merkel – Chancellor, Germany, Mario Draghi – Prime Minister, Italy, Yoshihide Suga – Prime Minister, Japan, Boris Johnson – Prime Minister, United Kingdom (Host), Joe Biden – President, United States, Ursula von der Leyen – Commission President, European Union, Charles Michel – Council President, European Union are the Core G7 Members attending the summit this year. Invitee Members are represented by, Scott Morrison – Prime Minister, Australia, Narendra Modi – Prime Minister, India, Moon Jae-in – President, South Korea, Cyril Ramaphosa – President, South Africa.
Prime agenda for this year’s summit
The G7 leaders are expected to set a global response to the COVID-19 pandemic and develop a global health system that can protect humanity from future pandemics.
Climate change will remain a priority issue during this summit as COP26 conference is scheduled in November 2021. A high level discussion on seeking coordinate action on carbon border taxes, green finance, the phase-out of coal and other related issues is expected during the summit.
The member countries are also expected to negotiate on reforming the corporate taxation of multinationals and take significant steps to regulate digital currencies. During the course of the summit, the UK and the US will aim to ease travel restrictions between each other. The US might discuss post-Brexit difficulties in Northern Ireland with UK.
Several landmark decisions were agreed upon by G7 members in the last few months leading to the summit. Among them four are mention-worthy.
- The G7 Finance Ministers and Central Bank Governors Communique were released following their meeting in London on June 4 and 5, 2021. You can read the G7 Finance Ministers’ communique here.
- On June 5, The G7 Finance Ministers agrees to an international agreement on global tax reforms.
- The G7 Health Ministers released a communique on June 4, 2021, as a follow-up to their two day meeting held between June 3 and 4, 2021.
- On June 11, 2021, G7 Gender Equality Advisory Council (GEAC) presents recommendations to drive global gender equality.
International Monetary Fund, Organization for Economic Co-operation and Development, World Bank Group, World Health Organization and World Trade Organization are participating virtually in the summit this year.
About the G7
The G7 (Group of Seven) is an organisation comprising of the world’s seven largest advanced economies like Canada, France, Germany, Italy, Japan, the UK and the United States. Russia joined in the year 1998, but was excluded in 2014 because of its annexation of the territory of Crimea. China has never been a member of G7 yet.
In past years the G7 has taken several significant actions to strengthen the global healthcare infrastructure, economy, combat tax evasion, and supported the education of millions of children. In 2015 the G7 members led the way in securing the historic Paris Climate Agreement to limit global emissions.
At the end of the summit, the UK – as the host nation – will publish a document called a communiqué which will outline what has been agreed by the leaders.