On Friday, U.S. President Joe Biden is set to participate in his first meeting with the leaders of G7 countries.
The first G7 summit since April 2020 will be held online due to the ongoing COVID-19 pandemic.
According to the White House statement, the event presents a good opportunity for President Biden to discuss the global health and economic issues with other leaders of the democratic and market-oriented societies, as well as to touch upon a topic of a rising global influence of China.
First, let’s talk about Covid. Then, China!
The White House suggested that the main concern of the new president will be the development of the global initiative to combat the existing pandemic by the utilization of the COVID-19 vaccines and prevent the potential outbreaks of new diseases by enhancing the health system on a global level.
Commentators suggest that Biden’s participation on the summit presents one of the many moves that are part of Biden’s bigger goal of bringing the United States back as the active participator on the global political scene.
Other actions include the restorations of the U.S. membership in the World Health Organization (WHO) and the Paris Climate Agreement.
The U.S. left both organizations during the administration of former President Donald Trump, whose policy was to prioritize American needs.
Besides the response to the pandemic, another important topic of G7 leaders is expected to be an increasing global influence of China.
According to the White House, President Biden will strive for better collective action against the disturbances to the global rules caused by Chinese economic and political activity.
The newly elected U.S president will likely pledge for closer cooperation between the G7 countries to raise their competitiveness against China.
And lastly, economy.
The G7 leaders are also about to talk about how governments can aid the recovery of national economies from the damage induced by the COVID-19 pandemic.
President Biden will likely encourage his colleagues to uphold the strong financial support policies, similar to the one he proposed in the U.S.
Namely, according to the coronavirus stimulus relief package supported by the White House, almost U.S. $2 trillion are to be distributed among households and companies to minimize the pandemic-induced poverty risk and help increase the consumption levels.
To this end, the U.S Treasury secretary Janet Yellen talked to her G7 colleagues last week, recommending them to adopt the financial relief policies.