group of 8

The Group of Eight or G8 is a group of industrialized countries that have great political, economic, and military importance in the world. It is made up of Germany, Canada, the United States, France, Italy, Japan, the United Kingdom and Russia. It also has the participation of the European Community (EC).

There are no specific criteria that determine whether a country belongs to the group, since they are not the most industrialized countries; nor are they the ones with the most income per capita or GDP. It can be said that they are some of the most developed countries and that at the same time, they have great political and economic influence worldwide.

The group was born informally as a result of the meetings of the finance ministers of France and Germany. Later, they invited other heads of government to attend these meetings with them. In 1973, a group initially made up of six countries (UK, Germany, France, Japan, Italy and the US) was formed, known as the Group of Six (G6).

In 1976, they were joined by Canada and in 1977 by the European Community, becoming the Group of Seven (G7). At the 1997 Denver summit, Russian President Boris Yeltsin was present as a guest; the Russian Federation was considered a full member of this forum at the Washington summit in 1998, going on to coin the name Group of Eight or G-8.

The G8 summits are held annually, where the representatives of said countries meet to discuss current issues, in reference to political and economic management, international trade, relations with developing countries, energy and terrorism.

Also of technology, the media, the environment, crime, drugs, human rights and security. All of these with an international nature, and considering the formulation of common action strategies for the resolution of the problems that currently arise in the world.

They say that the discussions of the G8 are informal, they have no decision-making power and that by meeting they do no harm to anyone. However, reality shows that numerous initiatives have emerged from the G8 that have sharpened the process of economic globalization.

The eight countries take turns hosting the annual summits, they do not have a venue or a formal structure. Representatives from other non-G8 countries can attend the summits as observers. In 2005, very important countries in the world economy such as Brazil, China, India, Mexico and South Africa were invited, the name of the group took a denomination of G8 + 5 or G13.