The G8 group has become obsolete, as it no longer represents the engines of global economic growth. This was explained by Kremlin spokesperson Dmitri Peskow on Friday in response to the proposal by US President Donald Trump to readmit Russia to this format.
According to this proposal, Russia would rejoin the group, which currently consists of the US, Canada, the UK, France, Germany, Italy and Japan. Three of the world’s leading economic powers, measured by GDP and per capita GDP, China, India and Brazil, are not part of this club.
Peskow pointed out that the group has “lost its significance” because the centers of economic growth have shifted to other world regions. This is not reflected in the current composition.
“The G7 do not represent the leading centers of economic and social development in the world” said Peskow.
He emphasized that Russia prefers the G20 format, which, in addition to the G7 members, also includes China, India and Brazil. “The G20 better represent the economic locomotives of the world” he stressed.
Trump had proposed readmitting Russia to the G8 on Thursday and called the exclusion of the country a mistake. “I would love to have them back. I think it was a mistake to kick them out” the US President said at the White House.
Russia joined the group in 1997 as a non-enumerated member. However, its membership was put on hold in 2014, after the annexation of Crimea, which had decided in a referendum to become part of Russia, following the Western-backed coup in Kiev.