The leaders of seven nations — the U.S., Germany, the U.K., France, Canada, Japan and Italy — met in Cornwall in south-west England, marking the 47th edition of the “Group of seven” summit.
- India is a “natural ally” to work with the world’s richest G7 countries to fight against threats of authoritarianism, said Prime Minister Narendra Modi, speaking at a special outreach session for guest countries on “Open Societies and Open Economies” at the G7 summit that ended in Corbis Bay, U.K., on Sunday.
- The United Kingdom had invited India, Australia and South Korea to attend the G7 summit that was scheduled to be held in June as “guest countries”
About the G7 meet:
- The leaders of seven nations — the U.S., Germany, the U.K., France, Canada, Japan and Italy — met in Cornwall in south-west England, marking the 47th edition of the “Group of seven” summit.
- G-7 leaders agreed on Sunday to raise their contributions to meet an overdue spending pledge of $100 billion a year to help poorer countries cut carbon emissions and cope with global warming.
- Addressing the First Outreach Session of G7 summit, Prime Minister Narendra Modi on Saturday conveyed India’s commitment to “collective” solution to global health challenges.
- Prime Minister Modi called for a “one earth, one health” approach which aims for unity and solidarity among the states of the world to deal with the pandemic.
- The Finance Ministers of the G7 had met on June 4-5 in the run-up to the summit and had agreed to back a minimum global tax rate of 15% for multinational corporations, thereby setting the stage for MNCs to pay a fairer share of taxes in jurisdictions where they make money and profits, rather than playing governments in a race where they will compete on who will tax them the least and allowing MNCs to take advantage of “tax havens”.
- The G7, originally G8, was set up in 1975 as an informal forum bringing together the leaders of the world’s leading industrial nations.
- The summit gathers leaders from the European Union (EU) and the following countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
- The major purpose of the G-7 is to discuss and deliberate on international economic issues. It sometimes acts in concert to help resolve other global problems, with a special focus on economic issues.