G8 is a group of eight exceedingly industrialized nations: Germany, France, United Kingdom, United States of America, Japan, Russia, Canada and Italy, that meet annually to foster consensus on major global issues like global security, terrorism, energy, crisis management and economic growth.
G8 was formed in 1975, comprising of six nations, known as G6. Later on, Canada joined in 1976 and Russia became a full partaking member in 1998. The European Union is a “none numerated” ninth member represented by presidents of European Commission and European Council. The cumulative GDP of G8 nations makes more than 50% of the global economy.