Mexico has come out in support of the Group of Seven’s (G7) plan for a minimum global corporate tax rate of at least 15%.

It will join other G20 members next month in Venice to discuss a broader accord.

The historic agreement was made on the weekend to squeeze more money out of multinational companies by reducing the prevalence of offshore tax havens.

Deputy Finance Minister Gabriel Yorio said the administration would look to include the framework in the 2022 September budget if the deal holds.

“We’re going to see if we can have an early definition of how this tax would work operationally … if we have time, we would include it in the 2022 budget plan,” he said.

“We are pleased with the initiative because it facilitates a global agreement and avoids competition to lower rates,” he added.

The Group of Seven is an informal club of wealthy democracies consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

The G20 incorporates 20 of the world’s most powerful economies, including the G7 countries, Russia, China and Mexico.

With reports from Reuters