Page 11 - ISQ July 2021

JULY 2021

G20 ATTENDEES
Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy,
Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United
States, and the European Union. Spain is also invited as a permanent guest.

And then there is the relationship with China. The G7 meeting taxation issues. G7 leaders may have some quite distinct written
last month contained a relatively modest mention of the cur- conclusions from their time in Cornwall but patently it is just a
rent controversies in the Far East including the debate over start and far from a conclusion. On this basis expect the meet-
human rights in the Xinjiang province in China or autonomy for ings of this group in Germany in 2022, Japan in 2023 and Italy in
Hong Kong. Whilst the current 100 anniversary of the creation 2024 to have further disclosures and influences. However
th
of the Chinese Communist Party, has unsurprisingly received before we even get there, do not forget that the U.K. will host
little comment from the leaders of the G7 countries, further the 26th UN Climate Change Conference in Glasgow on 31
criticisms have been more mixed outside of the U.S. Whilst October later this year. Insights from a more northern part of
American policymakers feel a particular sensitivity towards a the U.K. is set to offer even more discussion. The real key how-
country which over the next decade is likely to offer more chal- ever is still to apply some overt policy decisions. As both
lenges to their position of global economic leadership, the financial and political arenas know only too well: what ulti-
situation in some other parts of the developed world offers the mately matters is what you do.
scope to be very different. European Union leaders - for example
- have been more circumspect due to the importance of trade
relations, a point made over many quarters by corporate earn- KEY TAKEAWAYS:
ings data. • The recent G7 meeting in the U.K. saw a lengthy com-
muniqué.
Diplomacy is however at least an attempt to keep corporate
trading going and to avoid a war. It was certainly striking to see • Further discussions on climate change and corporate
the new U.S. president meeting his Russian counterpart for a taxation.
meeting in Switzerland, a few days after both the G7 meeting • The U.S. and Europe are developing different relation-
and the gathering of North Atlantic Treaty Organisation (NATO) ships with China.
countries. Certainly there were times a few decades ago when • Diplomacy continues to support corporate trading
such relationships were somewhat different.
with China.
And this brings us back to the climate change and corporate

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