The G7, or "Group of Seven," consists of seven major industrialized nations. It was formerly known as the G8 (Group of Eight) until 2014, when Russia was excluded following its annexation of Crimea from Ukraine. The G7 includes the leading industrial nations: the United States, Germany, Japan, France, the United Kingdom, Canada, and Italy.

Established over forty years ago, the G7 serves as an annual meeting for political leaders to discuss a variety of issues, including the global economy, security, and energy. The Group of Six was formed in 1975 by France, Italy, Japan, the United Kingdom, the United States, and West Germany, with Canada joining the following year. Russia became a member in 1998, marking a period of cooperation between East and West after the Soviet Union's collapse in 1991.

The G7 functions as an informal group and does not make binding decisions, meaning that the leaders' declarations made at the summit are not obligatory.

The G7 members include the United States, the United Kingdom, Germany, Canada, Japan, France, and Italy. Together, these nations represent about 40% of global GDP and 10% of the world's population. The European Union has been involved in G7 activities since 1977, represented by the President of the European Commission and the President of the European Council, participating in political discussions despite not having official member status.

In 2014, Russia was expelled from the G8 due to its annexation of Crimea, which was perceived by leaders as a violation of Ukraine's sovereignty and territorial integrity. In March 2014, President Barack Obama and other world leaders issued a joint statement, known as The Hague Declaration, announcing the cancellation of that year's planned meeting in Sochi, Russia.

The G7 and G20 are both groups that convene to address significant global economic, political, and social issues, but they differ in membership, scope, and objectives. The G7 is primarily focused on political matters, while the G20 has a broader emphasis on the global economy.

G7: The Group of Seven is an informal assembly of seven of the world's most developed economies: the United States, Canada, Germany, France, the United Kingdom, Italy, and Japan. The European Union is represented but is not an official member.

G20: The Group of Twenty includes 19 countries and the European Union, incorporating G7 members along with other major economies such as Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.

G7: The G7 primarily addresses global economic issues and coordinates economic policies among its members. It was established in the 1970s in response to global economic crises, including the collapse of the Bretton Woods system and the oil crisis. Its agenda has since broadened to encompass climate change, global health, and security.

G20: Founded in 1999, the G20 aims to unite the world's major economies to discuss urgent global issues. While it also tackles economic matters, its agenda is more extensive than that of the G7, covering financial stability, international trade, employment, development, and energy. The G20 seeks to foster international economic cooperation and ensure global financial stability.

G7: The G7 represents a smaller, more selective group of advanced economies, collectively accounting for a significant share of global economic output. However, its influence has diminished as emerging economies like China and India have gained prominence.

G20: The G20 features a more diverse membership, representing both advanced and emerging economies. This broad representation encompasses around 85% of global GDP, over 75% of global trade, and about two-thirds of the world's population, granting the G20 greater influence and legitimacy in addressing global challenges compared to the G7.

In conclusion, while both the G7 and G20 serve as international platforms for discussing global challenges, they differ in membership, scope, and objectives. The G7 is a smaller group of advanced economies, whereas the G20 is a larger, more inclusive assembly that addresses a wider range of countries and issues.