In light of the G7 summit of leaders starting this Friday, the ETF reiterates its call for an international agreement on a global minimum tax for multinational companies. • Global tax could be an important tool in addressing the negative effects of the use of flags of convenience in global shipping which allows shipowners of one country to hire the flag of another country. • The FOC flags offer regulatory advantages, low or zero corporate tax and complete flexibility over crew recruitment. This fuels a race to the bottom on social, environmental and safety standards. • The OECD proposal would ensure that corporations pay taxes and participate in the common societal effort regardless of where they base their operations and eliminate the practice of shopping for the most advantageous tax regime. This would curb social dumping practices in EU shipping by encouraging shipowners to choose bona fide flag States.