G7 47th Summit

16 June 2021 Current Affairs:The Prime Minister of India delivered a speech at the 47th G7 Summit in 2021 through a video conference. The G7 is an informal intergovernmental organisation comprised of seven countries: the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. It accounts for 40 percent of global GDP. India, South Africa, Australia, and South Korea have been invited as guest countries to the 2021 Summit. 

♦ The G7 will secure more than 1 billion covid-19 vaccine doses, either by donating surplus supplies funds or by providing additional funding to Covax, a UN-backed scheme to distribute vaccines to low and middle-income countries. 
♦ The G7 will increase climate finance contributions and meet an overdue spending pledge of $100 billion per year to assist poor countries in reducing carbon emissions.
♦ An infrastructure plan was announced to compete with China’s Belt and Road Initiative by supporting projects such as African railways and Asian wind farms.
♦ It supports a minimum tax of at least 15% on large multinational companies to prevent them from using tax havens to avoid taxes 
♦ India has sought G7 support for India and South Africa’s WTO proposal for a TRIPS waiver on covid related Technologies.

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