Joint Statement Adopted on Vaccine Cooperation... B7 Summit Concludes

Huh Chang-soo, Former Chairman of FKI, Attends as South Korea Representative

Huh Chang-soo, Chairman of the Federation of Korean Industries, attended the 'Climate and Biodiversity' session of the B7 Summit on the 12th as the Korean representative, where UK Prime Minister Boris Johnson also participated. He proposed international cooperation measures such as sharing cutting-edge global climate change technologies and expanding climate change funds for efficient response to climate change.
[Photo by Federation of Korean Industries]

[Asia Economy Reporter Kim Heung-soon] The Federation of Korean Industries (FKI) announced on the 13th that the B7 Summit, a meeting of business leaders from the G7 (Group of Seven major countries), concluded after adopting joint statements in seven areas: health, international mobility, macroeconomics, inclusive economic recovery, trade, climate, and digital.

The B7 Summit is a business meeting among the economic heads of the G7 countries. This year, at the invitation of the chair country, the United Kingdom, Korea, Australia, India, and South Africa participated as guest countries. From Korea, Huh Chang-soo, chairman of the FKI, attended representing the domestic business community.

The B7 Summit adopted joint statements in seven areas as economic recommendations to be submitted to the G7 Summit scheduled for next month. The main points include ▲ preventing export restrictions and unilateral actions by countries that hinder vaccine production and distribution ▲ introducing global common certification procedures and standards to restore international mobility ▲ reforming the global corporate tax system ▲ coordinating policy and regulatory frameworks to promote climate finance and minimize climate change ▲ diversifying supply channels for essential minerals and semiconductors ▲ abolishing protectionist policies such as export restrictions introduced by countries related to COVID-19 within the next 12 months.

The FKI focused on creating an economic environment for the free global economic activities of Korean companies and stated that the joint statement adopted reflected the FKI’s proposals.

Chairman Huh urged in the "Climate and Biodiversity" session attended by UK Prime Minister Boris Johnson, saying, "Carbon reduction is not easy for a manufacturing-centered country, but Korea is actively participating," and emphasized the need for mutual sharing of cutting-edge technologies to respond to climate change and the expansion of climate change funds.

Vice Chairman Kwon Tae-shin also requested in the earlier "COVID-19 and Global Risks ? Dialogue with WTO and IMF" session ▶ international cooperation to close the vaccine gap ▶ condemnation of populist fiscal spending and shifting tax burdens to the private sector ▶ prevention of the introduction of a global minimum corporate tax rate of 21%.

The adopted B7 joint statement and policy recommendation report will be delivered to the G7 leaders next month.