The Biden administration on Thursday received the backing of 130 countries for a global minimum tax on corporations. The move paves the way for the biggest change in international taxation in a century.

The governments are seeking to pass laws that will tax corporations 15% in each nation they operate in, which will reduce opportunities to avoid paying taxes. Such a move is intended to “end a race to the bottom,” Treasury Secretary Janet Yellen said Thursday.

Many governments have been outspoken about taxing companies like Apple and Amazon. The Organization for Economic Cooperation and Development says governments lose anywhere between $100 billion to $240 billion a year because of tax avoidance.

“Today marks an important step in moving the global economy forward to be more equitable for middle-class families in the United States and around the world,” President Biden said.

China and India have also agreed to join the coalition after previously holding reservations about the newly proposed tax.

World leaders hope to end a brewing trade war over the taxation of major U.S.-based tech companies. A deal is expected to be finalized in October.

Much of the expected revenue would go to emerging markets like India. Revenue may also go to France and Germany, two countries that have warned against tax avoidance.