Russian President Dmitry Medvedev believes the G8 still has a future and is too early "to scrap."
Earlier the leaders of several countries, including then British Prime Minister Gordon Brown, and other politicians said the G8 format has used all its potential and needs to be changed or reformatted.
"I don't believe the G8 has outlived its format, it is comfortable for discussions on political issues, as well as on issues of global security and coordinating foreign policy," Medvedev said during a press conference in Toronto on Monday.
Many politicians believe the G20 format should replace the G8 to give a more complete picture of the world, especially in regard to global economics. The G20 accounts for 85% of the world GDP.
"As I see it, [the G8] has a completely obvious future. My colleagues have the same approach," Medvedev said.
The first G20 summit was held in Washington in November 2008 as the extent of the global financial crisis became clear, with subsequent meetings in London in April 2009 and Pittsburgh, Pennsylvania, last September.
Russia has proposed hosting the G20 summit in 2013 and the decision will be made this fall, presidential aide Arkady Dvorkovich said in Toronto.
He said that the next two summits will be held in South Korea and in Mexico.
TORONTO, June 28 (RIA Novosti)
