47th G7 -Summit -2021 held

Highlights:

  • 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 % 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.