For Janet Yellen, agreement on a 15 per cent global minimum corporation tax between the world’s leading nations was nothing short of a return to the pre-Trump era of international collaboration. “I believe that what you’re seeing is a revival of multilateralism, a willingness of leading nations to co-operate to address the most critical challenges facing the global economy,” the US Treasury secretary said after the G7 tax pact was agreed on Saturday. The agreement, a first step rather than a final deal, was huge, but was it a revival of multilateralism? It would be nice to think so. So many issues require co-ordination right now — from vaccinating the developing world to co-operating on climate change to expanding trade in services — that

Source: The Times June 07, 2021 15:56 UTC