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WORLD leaders are gathering in Cornwall for the 47th meeting of the G7.
As Britain currently holds the presidency of the group Boris Johnson will be leading discussions with any agreement having an impact across the world.
Boris Johnson will be leading the three-day G7 summitCredit: EPA
When is the G7 summit 2021?
Leaders from Canada, France, Germany, Italy, Japan, the UK and the US are meeting in Cornwall for the annual G7 summit this Friday, June 11, 2021.
It will end on June 13, 2021.
Although it officially gets underway on Friday, world leaders have started to arrive today, June 9.
The three-day meeting is the first between G7 leaders since the start of the pandemic.
Also known as the Group of Seven, these countries are seven of the largest economies of the world.
Together, they represent more than 62 per cent of the global net wealth ($280trillion).
The group was founded in the early 1970s as the seven countries discussed concerns about the collapse of the oil industry.
Since then, summits have been held across the globe as members discuss everything from the environment to the economy.
Along with the G7 members representatives of the European Union will attend.
Prime Minister Boris Johnson has also invited leaders from India, South Korea and Australia to the 47th meeting of the group.
It will be the first time Johnson will meet Joe Biden in his role as US President.
US President Joe Biden is attending the key summitCredit: AP
What will be the talking points of the G7?
While no formal agenda for the meeting has been issued a number of topics is expected to be discussed.
Global response to the Covid pandemic
He has proposed a five-point plan to prevent future pandemics.
He wants a “Global Pandemic Radar” surveillance system to detect vaccine resistant variants before they spread.
One plan is for countries to establish “zoonotic research hubs” to help determine when a disease is capable of leaping from animals to humans.
But the most pressing priority is mass vaccination around the world.
UK Secretary for Business Kwasi Kwarteng has indicated that Johnson will be seeking coordinate action on carbon border taxes, green finance, the phase-out of coal and helping poorer countries to set up climate change.
It will be the first G7 where all members will have committed to achieve net zero carbon emissions by 2050 ahead of November’s UK-hosted COP26 Summit.
International economic co-ordination
Chancellor Rishi Sunak, as well as Italian economy minister Daniele Franco and French Finance Minister Bruno Le Maire have called for close economic co-ordination on recovery plans and economic policies.
Negotiations over reforming the corporate taxation of multinationals is also expected
World leaders are gathering in Carbis Bay in CornwallCredit: Getty
Why is the G7 in Cornwall?
The summit is being held in the UK because it currently holds the presidency of the group.
The Government says that Cornwall will “reap the benefits of hosting the G7” and will “provide the best of Cornish hospitality for leaders delegates and the world’s media”.
The region is also described as a “powerhouse for green innovation”.
Visit Cornwall estimates the total economic impact to be £50million for the county, including an increase in future tourism.