G7 leaders agree to shared agenda for global action to build back better

Leaders agreed a wide range of actions that business can support. After hosting the B7 (Business 7) with international business associations ahead of the G7, the CBI was pleased to see a renewed commitment to multilateral institutions, a focus on ensuring a green and inclusive recovery, and increased support for global vaccination at the G7 Summit. Leaders from Australia, India, South Korea and South Africa joined as guests at this year’s summit.

At the meeting, leaders agreed to the Carbis Bay G7 Summit Communiqué – a shared agenda for global action to build back better.

The G7 communiqué is centred around six key priorities, with G7 leaders having committed to

• End the pandemic and prepare for the future,
• Reinvigorate our economies,
• Secure our future prosperity,
• Protect our planet,
• Strengthen our partnerships,
• Embrace our values.

G7 agenda builds on ambitious recommendations set out by B7

From global trade to international travel, the G7 commitments echo and build on many of the recommendations set out by business at the B7 summit in May 2021, under the CBI’s presidency. Working in partnership with our sister federations across the G7 countries, we will now follow up on the commitments made, as we head towards the G20 in October, and COP26 and the WTO’s Twelfth WTO Ministerial Conference (MC12) in November.

International Trade

The G7 made a commitment to champion freer, fairer trade within a reformed trading system, echoing the B7’s language. As highlighted by the B7, a conclusion of negotiations on fisheries subsidies and progress on e-commerce negotiations at MC12 will be key to showing the WTO can deliver. Moreover, a clear link between climate and trade policy was made, with a real opportunity to take the lead on this ahead of both COP26 and MC12. CBI will now work with the B7 ahead of the WTO’s public forum in September to bring the business voice to discussions on the reform and modernisation of the WTO. Building on this, we will work with members to develop new forms of structured engagement for business with the WTO Secretariat as we demonstrate our support for a re-energised global trading system.

International Travel

The G7 showed support for business’ demands for greater cooperation to support a safe reopening of international travel. G7 Transport and Health Ministers will continue to work together with the aim of agreeing a set of common standards for travel. CBI will continue to feed into ongoing G7 discussions, as well as working with partners such as the International Air Transport Association (IATA).

Global Health

When it comes to commitments on health, we welcome the focus on strengthening the World Health Organization (WHO) and supporting it in its leading and coordinating role in the global health system, as well as commitments to facilitate global vaccination. Nevertheless, whilst the G7 have committed to over two billion doses of the vaccine, many argue this is not nearly enough, with the WHO estimating that 11 billion doses are needed to vaccinate the whole world to a level of 70%. As set out by the B7, a sustainable, global economic recovery can only happen with a successful vaccination programme and take-up across the globe. Significantly, the B7 had called for the G7 to focus on avoiding counter-productive export bans and uncoordinated national initiatives with adverse effects on international vaccine supply chains.

Climate & Environment

Critics have argued G7 leaders did not go far enough on tackling climate change, particularly when it comes to climate finance. Nevertheless, they committed not just to achieving net-zero targets, but also to long-term plans in order to achieve these goals. Moreover, some success was seen on coal, an initiative initially led by the UK, with a commitment to end new direct government support for unabated international thermal coal power generation by the end of 2021. With CBI having hosted its Net Zero conference this week, we are demonstrating business leadership in achieving net-zero, ahead of COP26. Working with members, we are committed to showing UK leadership, by building strong partnerships between government and business.

Download the B7 communique to read the statement and our detailed recommendations in full.