National legislatures have a key role in charting the course for artificial intelligence (AI) and assuring cyber-security going forward, according to a statement agreed by representatives from the Group of Seven (G7) countries at the close of a summit in Italy.

The three-day G7 Speakers’ Meeting in the northern Italian city of Verona included the leadership from parliaments in G7 member states, which comprise Canada, the United States, the United Kingdom, France, Germany, Italy, and Japan. The European Parliament speaker has also been invited, reports Xinhua news agency.

The statement confirmed that the parliament of each country must contribute to “drafting the corpus of rules (governance) that will ensure the sound use of AI within the framework of the principles and rights to which we all subscribe,” as well as to promoting public awareness on the issue and supporting more discussions on the related labour market.

During this year’s G7 presidency, Italy has stressed the need to develop international standards for AI. Geopolitical security and development were also discussed during the meeting.

Conclusion

The G7 Speakers’ Meeting in Verona underscores the critical role of national legislatures in shaping the future of AI and cybersecurity. By drafting comprehensive governance frameworks, promoting public understanding, and addressing labor market implications, these parliaments can ensure that AI is developed and deployed responsibly. International cooperation is essential to establish global standards and address the challenges posed by AI, particularly in the context of geopolitical security. The G7’s commitment to these goals is a significant step towards a future where AI benefits society while minimizing risks.

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On Saturday, G7 countries secured a historic agreement to remove cross-border tax loopholes exploited by some of the world’s largest companies.

The Finance Ministers of G7, which comprise of US, UK, Germany, Canada, France, Italy, and Japan, said that it would support a worldwide corporate tax rate of at least 15%, as well as steps to guarantee that taxes are paid in the countries where businesses operate. The decision taken by the G7 countries will be placed before G20 countries, a group of developing and developed nations, in a meeting scheduled for July in Venice.

British finance minister Rishi Sunak told reporters,” After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age.”

Facebook welcomed the G7 pledge on Saturday, despite the social media giant risking paying more.

Facebook has long called for reform of the global tax rules and we welcome the important progress made at the G7. Today’s agreement is a significant first step towards certainty for businesses and strengthening public confidence in the global tax system.

— Nick Clegg (@nickclegg) June 5, 2021

According to Amit Maheshwari of AKM Global Tax consulting firm, the accord is likely to help India because it is a significant market for a large number of tech businesses.

Sudhir Kapadia, Managing Director of EY India’s National Tax Leader, said the global corporate tax deal is a game-changer, particularly for large and emerging nations like India, which have long struggled to artificially lower corporate tax rates in order to attract much-needed foreign direct investment.

India’s Finance Minister Nirmala Sitharaman reduced corporate tax to 22% for domestic companies and 15% for new industrial units in September 2019. Existing domestic enterprises were also eligible for the reduced tax rate, but only under specified conditions.

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US President Donald Trump has postponed the G7 summit that was to be held in June until September, and said he plans to expand the list of invitees to include Australia, Russia, South Korea and India.

It was not stated as to whether the inclusion of countries meant a permanent addition into the G7.

The insistence of Russia’s inclusion has raised many eyebrows.

Russia was expelled from what was then the G8 in 2014 when Barack Obama, was U.S. President, after Moscow annexed Crimea from Ukraine. Russia still holds the territory, and various G7 governments have rebuffed previous calls from Trump to readmit Moscow.

This decision has been met with mixed reviews, with Canada holding up red flags, while France has supported the initiative. This announcement comes at a time when the coronavirus pandemic has claimed 1,03,000 lives in the US.

The G7 group comprises of the United States, Britain, France, Japan, Germany, Italy and Canada, and the European Union.

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