G7 focused on economic recovery

G7 commits to rebuilding economically from the impacts of the COVID-19 global pandemic.

The 47th Group of Seven (G7) Summit which was convened recently in Cornwall, England with climate change also at the centre of the international economic group's discussions.

The Group of Seven is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States of America.

According to the G7 Carbis Bay Communique, to mitigate the impact of the pandemic, the G7 have provided unprecedented support to citizens and businesses, including to retain jobs and support incomes and keep businesses afloat, totaling over $12 trillion including fiscal support and liquidity measures.

“We will continue to support our economies for as long as is necessary, shifting the focus of our support from crisis response to promoting strong, resilient, sustainable, balanced and inclusive growth into the future. Once the recovery is firmly established, we need to ensure the long-term sustainability of public finances to enable us to respond to future crises and address longer-term structural challenges, including for the benefit of future generations,” the statement reads.

According to the Communique, G7 share key priorities including protecting, supporting and creating decent jobs, and investing in quality infrastructure, innovation, training and skills and addressing inequalities.

“We will continue to exchange ideas and share best practices to ensure we learn from each other and update our approaches through different phases of the recovery,” the statement reads.

G7 had also emphasised the need of a fair tax system across the world and had also recognised the importance to the global economy of safely restarting international travel, by land, air and sea, and multilateral efforts.

The Communique explains that to achieve this, including new public health guidance on international travel by the WHO, International Civil Aviation Organisation and International Maritime Organisation.

“We recognise that this will need a set of common standards for travel including interoperability and mutual recognition of digital applications, testing requirements, recognition of vaccination status including exemptions and comparable criteria for when responsive measures may be required,” the statement reads.

G7 is also determined to ensure our plans for recovery build back better for all including by strengthening education and upskilling, and facilitating labour market participation and transitions to ‘level up’ our economies so that no geographic region or person is left behind.

They had also highlighted people losing their jobs throughout the pandemic and that the crisis has shown the importance of social protection systems and the critical role and incredible contribution of caregivers in our societies.

It was also emphaissed that technological change is profoundly changing our labour markets. We welcome the contributions of the G7 Employment Taskforce on building back better, greener and more inclusively, including their discussions with social partners and G7 Engagement Groups, including Labour 7, Youth 7, Women 7 and Business 7 covering how G7 can prepare labour markets for the future.

According to the statement, one of the highest priorities for G7’s ongoing cooperation will be ensuring the labour markets continue to evolve to respond to these changes and deliver decent jobs and equal opportunities for everyone, while fully respecting the International Labour Organisation (I.L.O) Fundamental Principles and Rights at Work, and taking into account relevant international labour standards.

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