The meeting will be the first G7 summit to be held in-person since before the pandemic began, and will take place
What is the G7?
“G7” stands for “Group of Seven”, referring to the seven member countries of the group:
These are all countries considered to be those with “advanced economies and open societies”.
For this year’s Cornwall summit, however, the UK has also invited India, Australia, South Korea and South Africa as guest countries. Representatives from the EU will also be in attendance.
There are several different kinds of G7 meeting, but the upcoming G7 leader’s summit is the most significant in the calendar year.
It offers the opportunity for world leaders from member countries to discuss shared goals and values.
What will be discussed at this year’s summit?
The goal of this year’s summit, according to the G7 UK website, is to:
“Help the world fight, and then build back better from coronavirus and create a greener, more prosperous future”.
This tallies with the usual aims of the leaders’ summit: discussing the major challenges facing the world and how to solve them.
The G7 website says: “In past years the G7 has taken action to strengthen the global economy and combat tax evasion, save 27 million lives from AIDS, tuberculosis and malaria, and supported the education of millions of children in the poorest countries.
“In 2015 its members led the way in helping secure the historic Paris Climate Agreement to limit global emissions.”
There are several issues which have been highlighted by the UK as Policy Priorities during its period as G7 presidency. These are likely to be discussed at the G7 and include:
Leading the global recovery from coronavirus while strengthening our resilience against future pandemics
Promoting our future prosperity by championing free and fair trade
Tackling climate change and preserving the planet’s biodiversity
Championing our shared values
According to the G7 website, these priorities include spreading wealth across the planet through international trading, new technologies, green recovery and lasting jobs.
Tackling climate change and the move to net zero, as well as creating a better global health system to prepare for any future pandemics are also likely to be on the agenda.
Some have called on leaders to discuss the current distribution of Covid-19 vaccines, which is disproportionately lower in the world’s poorest countries.
What other meetings does the G7 have?
G7 member countries have several different types of meeting which take place each year, including the G7 finance summit, being held on June 4.
At this meeting, UK Chancellor Rishi Sunak hopes to reach an agreement with foreign ministers over the taxation of large tech companies like Google.
The ministers are expected to agree on supporting a global minimum corporation tax, a move which comes as governments around the world struggle with record levels of public borrowing made during the pandemic.