Group of Eight (G8) was a forum for the governments of the eight largest national economies in the world both in nominal GDP and the highest human development index. It united the UK, Germany, Italy, Canada, Russia, USA, France, and Japan. The same name applies to an informal forum of leaders of these countries (with the European Commission), which carry out the coordination of approaches to pressing international problems.
After the annexation of Crimea on March 24, 2014, Russia was subjected to devastating criticism from the Group of Seven countries and was excluded from the list of G8. In June 2014, a scheduled meeting of G8 in Sochi (Russia) did not happen, and instead G7 met in Brussels.
G7 is not an international organization, it is not based on an international treaty, has no statutes and a secretariat. Solutions of G7 are not binding. As a rule, we are talking about fixation of the intentions of the parties to adhere to the agreed line or the recommendations to other participants in international life as for use of certain approaches in solving various issues. Since G7 has no regulation, it is impossible to formally accept the status of a member of this institution.
G6 appeared at the meeting of Heads of State and Government of France, the USA, Great Britain, Germany, Italy, and Japan in the palace of Rambouillet, on November, 15-17, 1975. In 1976, Canada became a member of G6 turning it into G7 and for 1991-2002 in stages it was transformed into G8 with the inclusion of Russia. Since 2014, organization operates as G7 due to the annexation of Crimea by Russia.
The idea of the meetings of heads and elitists of the most industrialized countries of the world originated in the early 1970s due to the economic crisis and the deterioration of relations between the United States, Western Europe and Japan on economic and financial issues.
The first meeting (November, 15-17, 1975), on the initiative of the then French president Valery Giscard d’Estaing, assembled the Heads of State and Government of the six countries: the US, Japan, France, Britain, Germany, and Italy. The meeting adopted a Joint Declaration on economic issues, which called on non-aggression in the field of trade and the rejection of the establishment of new discriminatory barriers.
In the future, meetings were held annually.
Group of Eight (G8) was a forum for the governments of the eight largest national economies in the world both in nominal GDP and the highest human development index. It united the UK, Germany, Italy, Canada, Russia, USA, France, and Japan.