The "Group of Eight" (G8) was an intergovernmental organization consisting of eight major advanced economies: Canada, France, Germany, Italy, Japan, Russia, United Kingdom, and United States. Established in the 1970s, it aimed to discuss and coordinate economic policy, address global issues, and promote international cooperation. In 2014, the G8 was effectively reduced to the G7 when Russia was suspended due to its annexation of Crimea. The remaining members continued to meet annually to tackle pressing global challenges, including economic stability, climate change, and security concerns, fostering collaboration among the world's leading industrialized nations.