The G7 Summit concludes in the United Kingdom and leaders release a communiqué on COVID-19 response, vaccines, trade, debt relief, tax reform and climate change.
Eric LeCompte the Executive Director of the religious development organization Jubilee USA Network, releases the following statement on the G7 Summit and communiqué:
“As a third wave of the pandemic hits developing countries, the G7 commits to donating a billion vaccines. This is progress, but falls short of what we need to end the pandemic.
“Waiving pharmaceutical vaccine patents is vital for developing countries to produce and procure coronavirus vaccines. Unfortunately, the G7 failed to support a temporary patent waiver to confront the pandemic.
“We are seeing incredible G7 progress on curbing tax avoidance and corruption.
"If corporations paid their fair share in taxes, countries would have greater resources to combat the economic shocks caused by the coronavirus.
"The G7's support of curbing tax avoidance lays the groundwork for the G20 to move forward an agreement.
“As countries wrestle with debt crises and the pandemic, the G7 supports reducing and relieving debt.
“The G7 must ensure that the private sector participates in debt relief and debt relief is expanded to help all developing countries in need.
"The creation of $650 billion of emergency reserve currency by August, is a priority for the G7 to confront the economic and health crises spurred by the coronavirus.
“The G7 supports the creation and distribution of Special Drawing Rights to get more vaccines to developing countries, fight climate change and reduce poverty.
"Climate change is a growing priority for the G7.
"The G7 promised critical support for developing countries to build more green infrastructure to confront climate change.
"The G7 sees that some of the most important climate change decisions will happen as a part of global financial decisions and pandemic response."
Read the G7 Summit Communiqué here.
Read Jubilee USA's G7 Summit press release.
Read about the WTO COVID vaccine patent waiver process here.
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