G7 leaders to pledge 1 billion COVID vaccines for world and target big tech companies with new digital tax as conference formally begins
President Joe Biden and leaders of the G7 will pledge 1 billion shots in arms of the COVID vaccine for the world, support a 15 per cent global minimum corporate tax, and target Big Tech with a new tax as the summit begins.
Of those billion shots, half will come from the United States and 100 million from the U.K.
'We're going to help lead the world out of this pandemic working alongside our global partners,' Biden said on Thursday, adding that the G7 nations would join the U.S. in outlining their vaccine donation commitments at the three-day summit. The G-7 also includes Canada, France, Germany, Italy and Japan.
The leaders will gather on Friday for opening greetings and a socially-distanced family photo, before pivoting to a session 'Building Back Better From COVID-19.'
The world leaders of the seven industrial nations will also second an agreement made earlier by their finance ministers on the global minimum corporate tax.
The update to international tax law is intended to end a global competition that has led some countries to cut their corporate taxes much lower than others in order to attract multinational companies to their shores.
President Joe Biden and leaders of the G7 will pledge 1 billion shots in arms of the COVID vaccine for the world, support a 15 per cent global minimum corporate tax, and target Big Tech with a new tax as the summit begins
Big Tech critics say the major multinational firms often avoid or minimize taxes by shifting profits and taking advantage of investment credits offered by governments
It's a big win for Biden's administration, which has proposed the global minimum tax as a way to pay for infrastructure projects. Biden wants to hike corporate taxes in the US and a global minimum will help combat fears his move could cause jobs to move overseas.
The leaders will also announce a plan to replace Digital Services Taxes, which targeted the biggest American tech companies - such as Amazon, Apple, Facebook and Google - with a new tax plan linked to the places where multinationals are actually doing business, rather than where they are headquartered.
Later the leaders will meet Queen Elizabeth II and other members of the Royal Family at the Eden Project, a lush, domed eco-tourism site built in a former quarry pit.
Prince Charles, the Duchess of Cornwall, Prince William and Kate, Duchess of Cambridge will join the G7 leaders at the reception.
On Thursday, world leaders from G7 countries arrived in Britain.
Canada's Prime Minister Justin Trudeau arrived at Cornwall Airport in Newquay wearing a face mask and waved from the exit of his jet beside his country's coat of arms and maple leaf flag.
European Council President Charles Michel also arrived ahead of the G7 meeting at the airport on June 10, and was met by a selection of British soldiers, sailors and airmen.
Japanese Prime Minister Yoshihide Suga and his wife Mariko Suga arrived in Newquay in the early hours of this morning. A typical flight from his country to Britain takes roughly 12 hours.
Prime Minister Johnson will host leaders from the USA, Japan, Germany, France, Italy and Canada at the G7 Summit to be held in Carbis Bay, Cornwall, beginning today.
Britain has invited Australia, India, South Africa, and South Korea to attend the Leaders' Summit as guest countries - as well as the EU, amid trade tensions with the bloc.
Canada's Prime Minister Justin Trudeau arrives ahead of the G7 Summit at Cornwall airport in Newquay, Britain, 10 June
European Council President Charles Michel (C) arrives ahead of the G7 meeting at Cornwall airport on June 10, 2021 in Newquay
President of the European Council, Charles Michel (centre) is welcomed as he arrives at Cornwall Airport Newquay ahead of the G7 summit, June 10
Japanese Prime Minister Yoshihide Suga and his wife Mariko Suga arrive at Newquay Airport on June 11, 2021 in Newquay
Joe Biden, pictured with Boris Johnson yesterday, has stressed the need for the world's democracies to stand together as he arrived in the UK on his first overseas trip as US president
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