All eight of the G8 countries are amongst the thirteen top-ranked leading export countries. The USA, Germany, Italy, France, Russia and Japan are among the top 10 countries with the largest gold reserves. Some of the world’s 18 largest major stock exchanges by traded value and market capitalization are in G8 countries (U.S., Japan, UK, Canada, Germany, Russia.) G8 countries are represented in the top eleven economies (by nominal GDP) Read More…
Also known as the global summit or G8 summit, it is a forum for eight countries which are among the countries with the largest economies on earth (excluding Brazil and China).
In 1975, France hosted a summit which saw six government representatives brought together i.e. Japan, Italy, France, UK and the USA. The summit was given the name Group of six (G6). The following year, Canada was added to the group and the name changed to group of 7 (G7); and then in 1007, Russia also joined the group thus the creation of the name G8.
How it works
The group holds AGM’s for the head of states of the eight countries but there is also a annual G8 meeting held for the ministers of the eight countries for instance for foreign ministers, for finance ministers etc. The hosting country for the G8 summit rotates through the member countries in the order: France, US, UK, Russia, then Germany, Japan then Italy and then Canada. The presidency holder (who is also the one hosting the meeting) gets to set the agenda of the meeting and also determine which meetings for the ministers shall take place.
Of late, the UK and France have expressed their wishes in expanding the group so as they could accommodate other countries which are developing and they are reoffered to as the plus five, O5 or the outreach five. They are: South Africa, Brazil, China, Mexico and India. These countries have also been parts of the previously held G8 meetings; which with their participation have been called the G8+5.
Purpose of the G8 Summit
The main purpose of the G8 Summit is for the creation of a forum where pressing issues concerning the world are discussed. For instance: At the 2007 Heiligendamm summit, a proposal by the EU for use of efficient energy initiative was acknowledged by the G8 members. The members all agreed they would explore, with the agency for international energy, means which will be effective in the promotion of use of energy that is efficient. The following year, the G8 member countries, South Korea, European community, China and India establishes cooperation for international partnership of energy efficiency. Since the year 2009, the G8 Summit has focused on the supply of food around the world. At the L’Aquila summit in 2009, each member of the G8 summit promised to give a $20billion contribution to the world food supply issue up to 2012. But since then, 22% of the funds that were promised have gotten delivered. President Obama of the USA plans to present a motion to the 2012 G8 summit which would privatize the investment for global food.
The Summit also acts as a resolving venue for any differences the member countries might have with each other.
The countries which make up the G8 are 8 of the 13 countries around the world which are the top export countries, they are also some of the countries in the world which have got the largest when it comes to gold reserves and oil production and seven of the nine countries on earth which produce nuclear energy are part of the G8 group.
The G8 summit brings delegates from all over the world to one key summit conference. Delegates and visitors to overseas destinations are reminded of the need for good quality travel insurance from a site such as visitorhealthinsurance.net, whether travelers are business people or vacationers. Off course international student insurance quotes are provided by studentguardusa.com
The 2012 G8 Summit took place in May.
Find out more about the G8 countries here.
The concept of a forum for the world’s major industrialized democracies emerged following the 1973 oil crisis. In 1974, a series of meetings in the library of the White House in Washington, D.C. was known as the “Library Group”. This was an informal gathering of senior financial officials from the United States, the United Kingdom, West Germany, Japan and France. In 1975, French President Valéry Giscard d’Estaing invited the heads Read More…