47th G7 summit
Source : Indian Express
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Why in News ?
The 47th G7 summit was held on 11–13 June 2021 in Cornwall in the United Kingdom while it holds the presidency of the G7.
- Participants included leaders of the G7 member states and representatives of the European Union.
- G7 invited leaders from India, South Korea, South Africa (Cyril Ramaphosa) and Australia
Key Facts
- Response to the COVID-19 pandemic
- G7 call for the work on a global approach to pandemics to ensure an equal global distribution of COVID-19 vaccines
- Also to prevent future pandemics.
- Five-point plan to prevent future pandemics put forward by Britain includes
- A worldwide network of zoonotic research hubs
- Developing global manufacturing capacity for treatments and vaccines
- Design of a global early warning system
- Agreement of global protocols for a future health emergency
- Reduction of trade barriers.
- The G7 nations agreed to pledge 1 billion vaccines to other countries.
- Climate Change
- It is considered to be the top priority for the United Kingdom ahead of the COP26 conference.
- Sought coordinated action on carbon border taxes, green finance, the phase-out of coal and helping poorer countries to step up climate action.
- While the taxes have been backed by the EU and US, EU climate ambassador Mark Vanhuekelen indicated that Australia may oppose the measures.
- The G7 nations pledged to reach net-zero emissions by 2050.
- International co-ordination on economic policies
- Negotiations over reforming the corporate taxation of multinationals were also carried out, with the United States agreeing to a deadline of the summer.
- United States is also reviewing a plan for the IMF to allocate up to £500bn in special drawing rights to its members.
- Freedom of Speech : Internet curbs threat to democracy
- India signs joint statement at G-7 for freedom of expression: Internet curbs threat to democracy.
- Reaffirm and encourage the values of “freedom of expression, both online and offline, as a freedom that safeguards democracy and helps people live free from fear and oppression.
- Also refers to politically motivated internet shutdowns as one of the threats to freedom and democracy.
- Impact over India
- Statement is directed at China and Russia, India
- It has been under scrutiny over Internet curbs in Jammu and Kashmir.
- Also the Government is locked in a face-off over its new IT rules with tech giants such as Twitter, which described a police search at its offices in India last month as a potential threat to freedom of expression.
India at 47th G7 Summit
- India also called for a transparent and timely WHO Covid origins study in China.
- The planet’s atmosphere, biodiversity and oceans cannot be protected by countries acting in silos, and called for collective action on climate change.
- Commitment by Railways to achieve Net Zero Emissions by 2030.
- Increasing effectiveness of the two major global initiatives nurtured by India the CDRI and International Solar Alliance were stressed.
- Mentioned the developing countries need better access to climate finance, and called for a holistic approach towards climate change that covers mitigation, adaptation, technology transfer, climate financing, equity, climate justice and lifestyle change.
G7 Nations
- It is also called as Group of Seven.
- It comprise of US, UK, Germany, Canada, France, Italy and Japan.
- G7 represents 58% of the global net wealth more than 46% of the global gross domestic product
- The institution was founded to facilitate shared macroeconomic initiatives by its members in response to the collapse of the exchange rate 1971.
- Every country hosts the summit once every 7 years.
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