Objective is to act as catalyst for greater cooperation’s between leading developing countries.
G-8.
In 1997 after the addition of Russia, G-7 became G-8.
Objective of G-8 is discussing and evolving strategies to deal with the major economic and political international issues.
No formal institutional structure or permanent secretariat. Head of state member nations and EU representatives hold meetings annually.
G-20.
Established on 26th Sept, 1999.
It is the extensions of G-7 (France, Germany, Italy, Japan, UK, USA and Canada) .
To establish an informal mechanism for dialogue among systematically important countries including the industrialized countries and the big emerging markets within the framework of the Bretton Woods institutional system.
And to enhance international financial stability.
It does not have a permanent secretariat.
The secretariat chair rotates between the members selected from different five regional grouping of countries each year.
To harness the considerable potential for greater and mutually beneficial cooperation among developing countries.