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It is a group of industrialised countries formed at the initiative of France in 1975 .
To address the first issue of oil crises in 1975.
The Group of Eight (G8) refers to the group of eight highly industrialized nations--France, Germany, Italy, Great Britain , Japan, United States, Canada, and Russia--which hold a yearly meeting, the G8 Summit .
The main industrialized countries taking part in this process are known as the Group of Eight (G8).