LONDON (CBS News) — The world’s richest countries signed a landmark agreement Saturday committing them to confronting corporate tax avoidance and making sure that giant tech companies pay their fair share, Britain’s treasury chief said.

Rishi Sunak, chancellor of the exchequer, said finance ministers from the Group of Seven leading industrialized nations signed the pact on the second and final day of meetings in London.

“I’m delighted to announce that G-7 finance ministers today, after years of discussions, have reached a historic agreement to reform the global tax system to make it fit for the global digital age and crucially to make sure that it’s fair, so that the right companies pay the right tax in the right places,” Sunak said in a video message posted on Twitter.

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