Deputy PM concludes successful G7 Finance Ministers’ Meeting In UK

eAwaz Canada News

London – Chrystia Freeland, Deputy Prime Minister and Minister of Finance, concluded her in-person participation at the two-day G7 Finance Ministers’ Meeting in London, United Kingdom.

G7 Finance Ministers made progress on a number of issues including: the pandemic-related economic challenges countries continue to face and its uneven impact on people, including women, youth, and vulnerable populations; debt vulnerability in low-income countries; the importance of supporting global health priorities; initiatives to fight climate change; and international taxation.

Discussions on ensuring fair international taxation of multinational corporations resulted in an historic G7 agreement on the parameters of a broader international framework. Canada looks forward to carrying this momentum into the global discussions at the July G20 Finance Ministers and Central Bank Governors Meeting in Venice, which is seeking agreement among the members of the G20 and the OECD-led Inclusive Framework on Base Erosion and Profit Shifting.

The Deputy Prime Minister held bilateral meetings to advance Canada’s priorities, including with: the U.S. Treasury Secretary, Janet Yellen; the UK Chancellor of the Exchequer and G7 host, Rishi Sunak; the French Finance Minister, Bruno Le Maire; the European Commissioner for the Economy, Paolo Gentiloni; the German Vice Chancellor and Finance Minister, Olaf Scholz; the International Monetary Fund Managing Director, Kristalina Georgieva; the new Secretary-General of the Organisation for Economic Co-operation and Development (OECD), Mathias Cormann; and the President of the World Bank Group, David Malpass.

“The last 16 months have been an extraordinary time for people all over the world. Our discussions at the G7 have been a critical opportunity to advance Canada’s national economic interest and to coordinate closely with our democratic partners on the challenges that lie ahead. Moreover, we have shown, today, that it is possible to end the race to the bottom on corporate taxation. Multinationals need to pay their fair share of taxes and the G7 has outlined a path to make this possible. This is good news for Canadians and Canadian businesses, as it will ensure a fair and level playing field for them in the global economy.” – Chrystia Freeland, Deputy Prime Minister and Minister of Finance