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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

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