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[Markets] G7 Calls For Fresh Probe Into Covid Origin, Targets China's Use Of Forced Labor G7 Calls For Fresh Probe Into Covid Origin, Targets China's Use Of Forced Labor

The Group of Seven leaders, whose UK conclave will shortly be joined by Joe Biden, appears set to infuriate China, and in its draft communique seen by Bloomberg News, the world's most developed nations not only call for a fresh, "transparent" (which suggests the previous study was anything but), WHO-convened study into the origins of the coronavirus (although since the China-controlled WHO, which is run by the "prevaricating" Tedros, is in charge it naturally won't find anything new) but also pledge to tackle "forced labor in global supply chains", including in the solar and garment sectors and involving state-sponsored forced labor of minorities. While that section does not mention China by name, it clearly targets China's treatment of Uyghur Muslims in Xinjiang.

Separately, the G7 vowed to deliver at least 1 billion extra doses of vaccines - courtesy of taxpayer funding of course - over the next year to help cover 80% of the world’s adult population. This is core part of the of the G-7 agenda that outlines a plan to end the pandemic by December 2022. The document has yet to be finalized but will form the basis of final-stage talks at the summit of leaders in Cornwall, southwestern England, starting Friday.

Here are the other highlights, as per Bloomberg:

  • G-7 pledge to better tackle forced labor in global supply chains, including in the solar and garment sectors and involving state-sponsored forced labor of minorities. While that section does not mention China by name, it follows global criticism of its treatment of Uyghur Muslims in Xinjiang.
  • Calls for a fresh, transparent, WHO-convened study into the origins of the coronavirus.
  • There is a call for Russia to hold to account groups within its borders who conduct ransomware attacks, use virtual currencies to launder ransoms, and carry out other cybercrimes.
  • The group welcomes the recent talks toward a full resumption of the 2015 Iran nuclear deal, while condemning its use of proxy forces and non-state armed actors.

On fiscal policy, trade and travel:

  • A commitment to end unnecessary trade restrictions on vaccine exports
  • G-7 stress need to ensure long-term sustainability of public finances once the recovery is firmly established.
  • G-7 support common standards for international travel, including recognizing vaccine status certificates across countries.

On climate change, the draft agreement includes:

  • There is a commitment to accelerating the shift to zero-emission vehicles
  • Leaders haggling over climate funding but vow to step up and to try and meet a $100 billion target, without giving details of how to get there. They will pledge new funding to support green transitions in developing countries.
  • G-7 recognizes the potential of carbon markets and carbon pricing to drive emission reductions.

Late on Wedensday, Joe Biden arrived in the UK as part of his first trip abroad since taking office, where he will take place in the G7 summit in St Ives in Cornwall. Biden is expected to underscore America's unwavering commitment to NATO and warn Russia it faced "robust and meaningful" consequences if it engaged in harmful activities, by which of course he means the CIA, the FBI and various other deep state tentacles.

Biden, speaking to about 1,000 troops and their families at a British air base, said he would deliver a clear message to Russian President Vladimir Putin when they meet next week after separate summits with NATO, G7 and European leaders.

"This is my first overseas trip as president of the United States. I'm heading to the G7, then the NATO ministerial and then to meet with Mr. Putin to let him know what I want him to know," Biden said, drawing cheers from the troops, who will be amazed if Biden remembers what it is he wants Putin to know.

"We're not seeking conflict with Russia," the Democrat said at the start of his eight-day visit to Europe. "We want a stable and predictable relationship ... but I've been clear: The United States will respond in a robust and meaningful way if the Russian government engages in harmful activities."

Biden told reporters as he left for Europe that his goals were "strengthening the alliance, making it clear to Putin and to China that Europe and the United States are tight."

His summit with Putin on June 16 in Geneva is the capstone of the trip. President-in-waiting Harris is surely hoping for some "unexpected" twist in the narrative to take place, so she can finally get her promotion.

Tyler Durden Wed, 06/09/2021 - 17:50
Published:6/9/2021 5:03:00 PM
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