diff --git a/Makefile b/Makefile
index 009419e9..d0015246 100644
--- a/Makefile
+++ b/Makefile
@@ -17,8 +17,8 @@ MKDIR    ?= mkdir
 DIST_DIR ?= $(CURDIR)/dist
 
 LIB_NAME := nvidia-container-toolkit
-LIB_VERSION := 1.6.0
-LIB_TAG ?=
+LIB_VERSION := 1.7.0
+LIB_TAG := rc.1
 
 GOLANG_VERSION := 1.16.3
 MODULE := github.com/NVIDIA/nvidia-container-toolkit
diff --git a/build/container/Makefile b/build/container/Makefile
index ec00a7b8..c0b62a2a 100644
--- a/build/container/Makefile
+++ b/build/container/Makefile
@@ -20,8 +20,8 @@ DIST_DIR ?= $(CURDIR)/dist
 
 # TODO: These should be defined ONCE and currently duplicate the version in the
 # toolkit makefile.
-LIB_VERSION := 1.6.0
-LIB_TAG :=
+LIB_VERSION := 1.7.0
+LIB_TAG := rc.1
 
 VERSION ?= $(LIB_VERSION)$(if $(LIB_TAG),-$(LIB_TAG))
 
diff --git a/packaging/debian/changelog b/packaging/debian/changelog
index aa4fb7fa..04accf65 100644
--- a/packaging/debian/changelog
+++ b/packaging/debian/changelog
@@ -1,3 +1,9 @@
+nvidia-container-toolkit (1.7.0~rc.1-1) experimental; urgency=medium
+
+  * [Placeholder for 1.7.0~rc.1-1 development]
+
+ -- NVIDIA CORPORATION <cudatools@nvidia.com>  Fri, 19 Nov 2021 15:02:16 +0100
+
 nvidia-container-toolkit (1.6.0-1) UNRELEASED; urgency=medium
 
   * Promote 1.6.0~rc.3-1 to 1.6.0-1
diff --git a/packaging/rpm/SPECS/nvidia-container-toolkit.spec b/packaging/rpm/SPECS/nvidia-container-toolkit.spec
index 29f10498..afddf0a7 100644
--- a/packaging/rpm/SPECS/nvidia-container-toolkit.spec
+++ b/packaging/rpm/SPECS/nvidia-container-toolkit.spec
@@ -64,7 +64,10 @@ rm -f %{_bindir}/nvidia-container-runtime-hook
 /usr/share/containers/oci/hooks.d/oci-nvidia-hook.json
 
 %changelog
-* Wed Nov 17 2021 NVIDIA CORPORATION <cudatools@nvidia.com> 3.6.0-1
+* Fri Nov 19 2021 NVIDIA CORPORATION <cudatools@nvidia.com> 1.7.0-0.1.rc.1
+- [Placeholder for 1.7.0-0.1.rc.1 development]
+
+* Wed Nov 17 2021 NVIDIA CORPORATION <cudatools@nvidia.com> 1.6.0-1
 - Promote 1.6.0-0.1.rc.3 to 1.6.0-1
 - Fix unnecessary logging to stderr instead of configured nvidia-container-runtime log file
 
diff --git a/scripts/build-all-components.sh b/scripts/build-all-components.sh
index a3de5fe4..a8400f8f 100755
--- a/scripts/build-all-components.sh
+++ b/scripts/build-all-components.sh
@@ -59,15 +59,18 @@ if [[ -z ${NVIDIA_CONTAINER_TOOLKIT_VERSION} ]]; then
 eval $(${SCRIPTS_DIR}/get-component-versions.sh)
 fi
 
-# We set the TOOLKIT_VERSION for the nvidia-container-runtime and nvidia-docker targets
+# We set the TOOLKIT_VERSION, TOOLKIT_TAG for the nvidia-container-runtime and nvidia-docker targets
+# The LIB_TAG is also overridden to match the TOOLKIT_TAG.
 # Build nvidia-container-runtime
 make -C ${NVIDIA_CONTAINER_RUNTIME_ROOT} \
+    LIB_TAG="${NVIDIA_CONTAINER_TOOLKIT_TAG}" \
     TOOLKIT_VERSION="${NVIDIA_CONTAINER_TOOLKIT_VERSION}" \
     TOOLKIT_TAG="${NVIDIA_CONTAINER_TOOLKIT_TAG}" \
         ${TARGET}
 
 # Build nvidia-docker2
 make -C ${NVIDIA_DOCKER_ROOT} \
+    LIB_TAG="${NVIDIA_CONTAINER_TOOLKIT_TAG}" \
     TOOLKIT_VERSION="${NVIDIA_CONTAINER_TOOLKIT_VERSION}" \
     TOOLKIT_TAG="${NVIDIA_CONTAINER_TOOLKIT_TAG}" \
         ${TARGET}
diff --git a/scripts/release.sh b/scripts/release.sh
index 3341c7f0..e436d899 100755
--- a/scripts/release.sh
+++ b/scripts/release.sh
@@ -56,16 +56,6 @@ eval $(${SCRIPTS_DIR}/get-component-versions.sh)
 export NVIDIA_CONTAINER_TOOLKIT_VERSION
 export NVIDIA_CONTAINER_TOOLKIT_TAG
 
-if [[ "${NVIDIA_CONTAINER_TOOLKIT_TAG}" != "${NVIDIA_CONTAINER_RUNTIME_TAG}" ]]; then
-    echo "ERROR: The nvidia-container-runtime and nvidia-container-toolkit version tags do not match"
-    exit  1
-fi
-
-if [[ "${NVIDIA_CONTAINER_TOOLKIT_TAG}" != "${NVIDIA_DOCKER_TAG}" ]]; then
-    echo "ERROR: The nvidia-docker and nvidia-container-toolkit version tags do not match"
-    exit 1
-fi
-
 for target in ${targets[@]}; do
     ${SCRIPTS_DIR}/build-all-components.sh ${target}
 done
diff --git a/third_party/libnvidia-container b/third_party/libnvidia-container
index dd2c49d6..5554074e 160000
--- a/third_party/libnvidia-container
+++ b/third_party/libnvidia-container
@@ -1 +1 @@
-Subproject commit dd2c49d6699e4d8529fbeaa58ee91554977b652e
+Subproject commit 5554074ec99b97068c1373695719a89279e5f8cf
diff --git a/third_party/nvidia-container-runtime b/third_party/nvidia-container-runtime
index 38ff520d..35a97617 160000
--- a/third_party/nvidia-container-runtime
+++ b/third_party/nvidia-container-runtime
@@ -1 +1 @@
-Subproject commit 38ff520daa33d3a3a733440957c6aa346757bd1f
+Subproject commit 35a97617853c5cbd9abf482687678c5808afa13b
diff --git a/third_party/nvidia-docker b/third_party/nvidia-docker
index fd3233aa..26293100 160000
--- a/third_party/nvidia-docker
+++ b/third_party/nvidia-docker
@@ -1 +1 @@
-Subproject commit fd3233aa5f4ade28ac6bda616c2fa77a0ce89cd9
+Subproject commit 262931007c23c068a8823ecdef1824d5846f79cf