G7 To Participate In Worldwide Vaccination Plan And Global Tax Plan

Group of Seven Rollout World Vaccination and Global Tax Plan

Stefan J. Bos

The Group of Seven (G7) nations have agreed to participate in a worldwide vaccination plan “to halt the coronavirus pandemic.” It comes amid concerns among G7 leaders that impoverished countries are being left out in the global jab drive. They also want a global tax as they seek to raise their contributions to meet an overdue spending pledge of 100 billion dollars a year by rich countries to help poorer ones cut carbon emissions. And, the leaders made clear they will be seeking to rival China in reaching out to lower and middle-income countries.

The gathering was the first in-person G7 summit in nearly two years. It was delayed due to the coronavirus pandemic, which was an important topic. Biden and other leaders agreed to give away more than 1 billion vaccine doses, half of them by the U.S and the rest by others, including 100 million from Britain. Canada said it also would give 100 million doses, and France pledged 60 million.

The G7 leaders also agreed on Sunday to raise their contributions to meet an overdue spending pledge of $100 billion a year by rich countries to help poorer ones cut carbon emissions. They claim it is part of efforts to deal with what they believe is the danger of global warming.

French President Emmanuel Macron said America is back to discuss these and other issues. “We have to face a lot of challenges, a lot of crises — climate change. And for all these issues, what we need is cooperation,” he said. “And I think it’s great to have the U.S. President part of the club and very willing to cooperate. And I think that what you — what you demonstrate is that leadership is a partnership,” he told Biden, with the sea nearby. “And — and we do appreciate it, and I think we can deliver great things for that.”

The G7 adopted a plan to support lower- and middle-income countries in building better infrastructure. U.S. President Biden said he wanted his administration’s backed Build Back Better World plan to be a higher-quality alternative to a similar Chinese program. Beijing is increasing its economic and political footprint throughout the world.

GLOBAL TAX

The G7 will also introduce the first-ever 15 percent global corporate tax proposed by U.S. President Joe Biden, saying corporations should pay their “fair share of taxes.” Not all European Union countries agree, including Hungary, where Prime Minister Viktor Orbán has condemned the move.