The "Carbis Bay Declaration" named after the seaside town in Cornwall, southwest England, where world leaders are now holding their summit comprises a series of health policy commitments.
There is a large security operation in place for the G7 event, the first in-person meeting of the leaders of major developed economies for almost two years, with 5,000 police officers drafted in from across Britain.
"In the past year the world has developed several effective vaccines against coronavirus, has licensed and manufactured them at a good pace and is now putting them in the hands of the people who need them (...), but to really defeat the coronavirus and recover we have We have to prevent a pandemic like this from happening again, "said the British Prime Minister and host of the G7 summit, Boris Johnson".
G7 leaders will also be joined by the UN Secretary General, WHO officials, and leaders from Australia, India, South Africa and South Korea.
G-7 leaders will also discuss Friday boosting the reserves of the International Monetary Fund by up to $100 billion to support the neediest countries as they recover from the coronavirus pandemic, the White House said.
The G7 Summit officially kicks off on Friday with leaders from several countries meeting including the USA, UK, France, Italy, Canada, Germany and Japan and the EU.
After an opening session on "building back better" from Covid-19, the leaders spent the evening at a reception hosted by Queen Elizabeth II at Cornwall's Eden Project, a renowned attraction showcasing the world's ecological riches. Members of the royal family, including the queen, have also been in Cornwall on Friday to welcome the worldwide leaders.
Climate change, the global economy and how to deal with China are also expected to be key topics.
Safeguarding global biodiversity is another G7 theme this weekend, with the leaders set on an agreement to protect at least 30 percent of the world's land and oceans by 2030.
Mr Johnson, who is hosting the three-day gathering at the Cornish seaside resort of Carbis Bay, said it was vital to learn from the "mistakes" of the 2008 financial crisis and tackle the "scar" of inequality.
The aim is to slash the time needed to develop vaccines to under 100 days.
The leaders will vow to boost genomic sequencing capacity, and support reforms to strengthen the World Health Organization (WHO), according to Johnson's government, which like the USA wants China to allow new access to WHO experts to determine how Covid-19 first emerged.
"The world needs a stronger global surveillance system to detect new epidemic and pandemic risks", Tedros said.