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G7: Agreements on vaccines, China, the environment, tax and infrastructure

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Meeting: Canadian Prime Minister Justin Trudeau at the G7 summit in Cornwall yesterday. Photo: Phil Noble/PA

Meeting: Canadian Prime Minister Justin Trudeau at the G7 summit in Cornwall yesterday. Photo: Phil Noble/PA

Meeting: Canadian Prime Minister Justin Trudeau at the G7 summit in Cornwall yesterday. Photo: Phil Noble/PA

VACCINE SHARING

:: The presidents and prime ministers committed to sharing at least one billion vaccine shots with struggling countries over the next year, with deliveries starting in August. US President Joe Biden pledged 500 million doses. Britain and Canada committed to 100 million shots each, and France said it would pitch in with 60 million doses.

However, the World Health Organisation has said that 11 billion doses are needed.

 

 

THE ENVIRONMENT

:: Leaders committed to ending new direct government support for “unabated international thermal coal power generation” – the use of coal without technology to reduce carbon emissions – by the end of the year, and backed a $2-billion transition fund.

Leading climate groups said the summit fell far short of delivering meaningful details.

 

 

CHINA

:: The leaders said they would work together to challenge China’s “non-market policies”. They also agreed to call on Beijing to respect human rights in Xinjiang, the remote western region where Chinese authorities are accused of committing serious rights abuses against the Uyghur minority, and in the semi-autonomous city of Hong Kong.

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The leaders committed to remove forced labour in global supply chains, “including state-sponsored forced labour of vulnerable groups and minorities.”  

 

CORPORATION TAX

:: Leaders from the seven countries endorsed a global minimum tax of at least 15pc on multinational corporations, a measure meant to stop businesses from using tax havens to shift profits and to avoid taxes.

Their agreement backed a plan outlined earlier by G7 finance ministers.

 

GLOBAL INFRASTRUCTURE

:: Leaders agreed to an infrastructure proposal called “Build Back Better for the World” that calls for spending hundreds of billions of dollars in collaboration with the private sector to finance greener infrastructure projects in poorer countries.

It is set to compete with China’s multi-trillion-dollar “Belt and Road” initiative, which funds a vast network of infrastructure projects covering large portions of the world, mostly in Asia and Africa.


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