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The EU, as a full G7 member represented by Presidents Juncker and Tusk, has inspired an ambitious outcome of the summit and welcomes its results. The G7 Leaders' Declaration identifies several global challenges such as moderate growth, potential financial and geo-political risks, terrorism and refugee flows and demonstrates the collective capacity to make tangible progress in tackling them.
Economy and Investment
To ensure economic growth and resilience, leaders agreed to adopt a three pronged approach- the G7 Ise-Shima Economic Initiative - of fiscal, monetary and structural policies and to do more to address the global demand supply gap of infrastructure investment. In this context, leaders insisted that the emphasis should be on quality climate resistant infrastructure.
The G7 also warned of the economic consequences of the United Kingdom leaving the European Union:
"A UK exit from the EU would reverse the trend towards greater global trade and investment, and the jobs they create, and is a further serious risk to growth."
Fair and transparent taxation
Leaders called for swift implementation of the G20/OECD commitments on fair and transparent taxation, notably on Base Erosion and Profit Shifting, automatic exchange of information and on non-cooperative jurisdictions.
"Steady, consistent and concerted implementation of the G20/OECD Base Erosion and Profit Shifting (BEPS) package is critical to restore public trust in tax systems and to achieve a global level playing field for all engaged in economic activities. We remain committed to lead the process by example." [...]
Trade
The G7 leaders reaffirmed their commitment to open and fair global trade and a rules-based global trade system and called for swift progress on various regional trade agreements, including the EU-Japan Economic Partnership Agreement and the Transatlantic Trade and Investment Partnership.
Leaders welcomed the strong commitment of Japan and the EU "to reach agreement in principle on a comprehensive, high-level and balanced Japan-EU Economic Partnership Agreement as early as possible in 2016.
“We are committed to applying the necessary political will to reach a TTIP agreement as early as this year, provided that it is ambitious, comprehensive, high-standard and mutually beneficial, with a view to harnessing the full potential of the transatlantic economy as soon as possible." [...]