G-7 leaders closed their annual summit on Sunday, a three-day sprint in Cornwall which a White House official described as “exceptionally substantial and productive”. Leaders focused on ending the coronavirus pandemic and helping countries recover more fairly economically.
“We the leaders of the Group of Seven have gathered in Cornwall … determined to defeat covid-19 and build better,” the leaders said in a joint statement on Sunday, echoing a slogan the Biden administration has used in its national economic recovery efforts. .
Other priorities on their common agenda included ensuring that multinational corporations pay their fair share of global taxes and tackling climate change. G-7 leaders have pledged to net zero emissions by 2050 at the latest and to halve their collective emissions by 2030, as well as to limit the rise in global temperatures to 1.5 degrees.
G-7 leaders on Friday approved a minimum global tax rate of at least 15%, marking a victory for the Biden administration, which for months has been pushing for a global minimum tax on large multinational corporations to help pay for its ambitious national project. agenda.
On Sunday, G-7 leaders pledged to eliminate forced labor from global supply chains, tackle ransomware attacks – several of which have hit key industries in G-7 countries in recent weeks – and to fight against corruption by fighting against the abusive use of front companies.