G7 summit 2015 starts in Germany: All you need to know about it

The annual summit of the Group of Seven (G7) industrialized countries kicked off on Sunday in the German resort town of Garmisch-Partenkirchen. Russia has been excluded from what was previously known as the G8, since the annexation of Crimea last year.

Below are the facts need to know related to G7

• France, West Germany, Italy, Japan, the United Kingdom, and the United States (US) formed the Group of Six in 1975.
• The first summit took place on 15-17 November 1975, in Rambouillet, France.

• Canada joined the group following year.
• US, Canada France, Germany, Italy, Japan, and the United Kingdom meet annually to discuss issues such as global economic governance, international security, and energy policy.
• Russia joined the group in 1997 but was shut out last year due to the Ukraine crisis.

• Russia held the G8 presidency for the first time in 2006 and once again in 2014.
• The European Union has participated fully in the G7 since 1981 as a "nonenumerated" member.
• There is no formal criteria for membership, but participants are all developed democracies.
• The aggregate GDP of G7 member states makes up nearly 50 percent of the global economy.
• Unlike the United Nations or NATO, the G7 is not a formal institution with a charter and a secretariat.