Energy supply and minimum tax. These are the main themes for US President Joe Biden today at G20 to Rome, as anticipated by a senior US administration official quoted by CNN. The main focus today is to state that “the United States is firmly committed to our allies and partners and to face-to-face diplomacy at the highest levels,” the official said.
The theme of the first session is the global economy and the pandemic caused by the coronavirus. The main objective will be the approval of a global minimum tax, which for Biden represents a priority as the White House explains. The agreed measure provides for a minimum rate of 15% for multinationals and would require them to pay taxes in the countries in which they operate. The Biden administration already secured support from the G7 in June. “In our opinion, this is more than just a tax deal. It is a reshaping of the rules of the global economy,” said the US official quoted by CNN.
Biden, the US administration source continues, also plans to address the issue of “worsening the short-term imbalance between supply and demand in global energy markets” during the first session of the G20, the official said. “We would like to raise this issue and underline the importance of finding more balance and stability, both in the oil and gas markets,” he explained. The American president, however, will certainly not go beyond the OPEC field of competence. “We certainly will not be involved in the specifics of what happens inside OPEC, but we have a voice and we intend to use it on a problem that is affecting the global economy,” added the source cited by CNN.
“There are large energy producers who have spare capacity – said the official – we are encouraging them to use them to ensure a stronger and more sustainable recovery around the world”.
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