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47th G7 summit
Source : Indian Express

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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
      1. A worldwide network of zoonotic research hubs
      2. Developing global manufacturing capacity for treatments and vaccines
      3. Design of a global early warning system
      4. Agreement of global protocols for a future health emergency
      5. 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.47th G7 summit
  • 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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