G8

G8

The G8 is a forum that was created by France in 1975. It consists of France, Germany, Italy, Japan, the United Kingdom, the United States and Canada. The group added Russia in 1997. The forum was created in response to the oil crisis and recession in 1973. The leaders of these countries meet at a summit every year. They aim to boost cooperation over trade and finance, strengthen the global economy, promote peace and democracy and prevent and resolve conflict. G8 members can agree on policies and can set objectives, but compliance with these is voluntary. The presidency rotates between the groups member nations on an annual basis.

The G8 has been criticised for not adequately representing developing countries with growing economies. India and China are not represented, nor are any African or Latin American countries. However, in 2005, a new set of meetings was set up. The meetings included the G5, which was set of developing countries consisting of India, Brazil, China, Mexico and South Africa. These countries were given observer status and allowed to attend the meetings of the G8. However with the G20 growing in prominence, the G5 has been disbanded because the members of the G5 are also members of the G20.

In recent years summits have considered the developing world, global security, Middle East peace and reconstruction in Iraq. The G8 has launched drives to counter disease, including HIV/Aids, and has announced development programmes and debt-relief schemes. Global warming has also been an issue at the G8 summits. In 2001, President Bush underlined his reasons for the rejection of the Kyoto treaty on emissions at the Genoa summit. The issue was revisited in 2007, when leaders agreed on the need to tackle climate change. The G8 will be replaced by the G20 as the main economic council of wealthy nations, due to the growing importance of the economies of the countries in the G20.