G7 to discuss Covid economic challenges and climate
The first in-person meeting of the G7 countries since the start of the pandemic takes place in London today.
Minister for Finance Paschal Donohoe will attend the two-day meeting in his capacity as President of the Eurogroup – the collective term for informal meetings of the finance ministers of the eurozone.
He said ministers are set to “consider coordinated approaches to the key economic challenges facing economies emerging from the Covid crisis”, as well as “key global challenges, including climate and nature; health finance; and support for lower income countries”.
Speaking before the meeting, Mr Donohoe said: “There is now clear light at the end of the tunnel with the accelerating vaccination roll-out, falling infections and pressure on intensive care services gradually coming down.
“This year the euro area economy will rebound strongly. Our economic policies have been instrumental in facilitating this recovery and in shielding our citizens over the past year, maintaining jobs and putting our economies in a position to recover strongly.”
UK Chancellor of the Exchequer Rishi Sunak said he is aiming to secure a “fair deal” on digital taxation as he welcomed overseas ministers to London.
Ministers from the US, Japan, France, Canada, Germany and Italy will attend the two-day meeting at Lancaster House in London, ahead of the leaders’ summit in Cornwall next weekend.
They will discuss measures to tackle climate change as well as efforts to secure an international agreement on how digital companies are taxed.
Speaking ahead of the meeting, Mr Sunak said: “The G7 is a hugely important grouping and it’s an honour to be welcoming my counterparts to London with a renewed spirit of multilateral cooperation.
“Even before holding the G7 Presidency we’ve been clear on our priorities – protecting jobs, ensuring a green and global recovery and supporting the world’s most vulnerable countries.
“Securing a global agreement on digital taxation has also been a key priority this year – we want companies to pay the right amount of tax in the right place, and I hope we can reach a fair deal with our partners.
“I’m determined we work together and unite to tackle the world’s most pressing economic challenges – and I’m hugely optimistic that we will deliver some concrete outcomes this weekend.
“Together we can make a real change and help steer the international community through the next stage of our recovery.”