Germany hosts G7 summit with major aid package for Ukraine expected
Chancellor Olaf Scholz hosts leaders from the Group of Seven economic powers to the annual summit of the group in Schloss Elmau, in the Bavarian Alps, where a big aid package for Ukraine is expected to be decided. Senegal, South Africa, India and Indonesia are invited as guest countries.
The leaders of the world's seven most advanced economies unveiled their Build Back Better World (B3W) initiative at the 2021 summit in Britain, a plan to help narrow the $40 trillion needed by developing nations by 2035. Then German chancellor Angela Merkel has pushed for the presentation of the first infrastructure projects in developing countries in 2022.
Prime Minister Boris Johnson, G7 host in 2021, called on the leaders to make concrete commitments to vaccinate the entire world against coronavirus by the end of 2022 and for concrete climate change mitigation efforts. The leaders’ communiqué spelled out a shared G7 plan to achieve these goals, plus reforms to the trading system and the establishment "a fairer global tax system that reverses the race to the bottom."
A hundred and thirty six countries agreed in Oct 2021 to enforce a corporate tax rate of at least 15 percent and a fairer system of taxing profits where they are earned. The deal is designed to ensure big companies pay a fairer share of tax.
The G7 groups the top developed economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.