47th G7 Summit

47th G7 Summit

Part of: GS Prelims and GS -II – International Relations 

In news

• Recently, the Indian Prime Minister addressed the 47th G7 Summit 2021 through video conferencing.
  • G7 is an informal intergovernmental organisation of seven countries – US, Canada, France, Germany, Italy, Japan and UK. 
  • It represents 40% of the global GDP
  • In 2021 Summit India, South Africa, Australia and South Korea were invited as guest countries. 

Significant outcomes of the Summit known as Carbis Bay Declaration 

• G7 shall secure more than 1 billion covid-19 vaccine doses either through donating surplus supplies funds or providing further finance to Covax, a scheme backed by UN to distribute vaccines to low and middle-income countries 
• It shall increase the climate finance contributions and meet and overdue spending pledge of dollar hundred billion a year to help poor countries cut carbon emissions 
• Infrastructure plan was announced to rival China’s Belt and Road initiative by supporting project such as Railways in Africa and wind farms in Asia 
• It backed a minimum tax of at least 15% on large multinational companies to stop them from using tax havens to avoid taxes 
• India has sought G7’s support for the proposal made at the WTO by India and South Africa for a TRIPS waiver on covid related Technologies.

Source: BBC