G7 summit, June 2021: Asserting democratic values in the post-crisis context

The 47th G7 summit is scheduled for 11-13 June 2021, and will be chaired and hosted by the United Kingdom. After a year-long break caused by the pandemic and the former US administration's inability to organise the 2020 summit at a later date than initially scheduled, this year's event is expected to mark a return to strong global cooperation among the world's major democracies. The leaders of four guest states – Australia, India, South Africa and South Korea – will join the leaders of the G7 nations and the European Union, thus reinforcing the group's global democratic representativeness. The G7 has built up a reputation for being an informal framework of cooperation on major global issues, which is driven by a shared commitment to the fundamental values of liberal democracy. This year's summit is expected to reaffirm these values in the face of assertive authoritarian tendencies elsewhere in the world. Ahead of the summit, ministerial meetings in areas selected by the presidency have already taken place, shaping future cooperation among the G7 nations. 'Beat[ing] Covid-19 and building back better' is an obvious priority this year. Achieving it includes ensuring more equitable and rapid access to vaccines and other medical supplies for developing countries. While the group has reaffirmed its general commitment to this priority, the US proposal to waive patent rights for the production of vaccines still needs to find common ground among the G7 members. Another US initiative – setting a minimum global corporate tax rate – has already been endorsed by G7 finance ministers. It is considered a major change in the international taxation system, potentially making history for the G7. Reinforcing cooperation on the regulation of digital developments is another priority, as are ambitions linked to honouring the commitments under the Paris Agreement. As every year, the EU, which is a G7 member in its own right, will be represented by the Presidents of the European Council and of the European Commission. This is an updated version of a Briefing published ahead of the Parliament's debate on 9 June 2021.