HISTORICAL BACKGROUND The Group of Fifteen (G-15) was established at a Summit Level Group of Developing Countries in September 1989, following the conclusion of the Ninth Non-Aligned Summit Meeting in Belgrade. The Group was originally founded by 15 developing countries. While there are now 19 member countries, the original name of the Group has been retained. The Group was conceived as a small cohesive body of developing countries, but at the same time, fairly representative and having sufficient economic and political weight and countervailing power, to meet on a regular basis at the highest level and make authoritative pronouncements reflecting their common standpoint on the major developments in the world economy and international economic relations. A long-term goal of the G-15 was to be recognized as a logical dialogue partner of the Group of 7 (G-7, now G-8) highly industrialized countries. It was decided to set up the G-15 autonomously outside the larger groupings of developing countries, but fully sharing their objectives and world view, having close interaction with them and keeping its projects open for participation by any member of the larger Groups. The above purpose alone was important enough and sufficient to justify the creation of the Group of 15. But, the Heads of State and Government of the Group decided that in addition to this broader purpose, the G-15 would also take up projects which could bring direct benefits to the peoples of the member States, which could help in enhancing the credibility of the Group, inspire confidence among its member States, and thereby strengthening its unity and cohesion. This, it was expected could enhance the bargaining power of the Group in dealing with developed countries. AIMS AND OBJECTIVES Therefore, the G-15 was established in the firm belief of the considerable potential for greater and mutually beneficial cooperation among developing countries, especially in the areas of investment, trade and technology. By acting as a catalyst for greater South-South cooperation, the G-15 aims at facilitating national efforts for development and economic progress. This cooperation is also expected to lend greater cohesion and credibility to developing countries in their efforts to pursue a more positive and productive North-South dialogue. As such, it is envisaged that the G-15 will both serve as a forum for regular consultations among developing countries with a view to coordinating policies and action of South countries at the global level, and assist in the formulation and implementation of programmes of cooperation. The world economic and political situation has changed dramatically since the Group was launched at the time of the NAM Belgrade Summit in 1989 and since it held its First Summit in Kaula Lumpur in 1990. One of the most important changes has been the significant enhancement of the economic weight of the developing countries and hence of the G-15, in the world economy. The developing countries have increased their shares of the world GDP and trade. Much of the increase is accounted for by the members of the G-15, many of which have registered more than proportionate growth in their GDP as compared to developed countries. The G-15 today is thus poised to play its collective role in the international arena more effectively than at the time when it came into existence. During the last decade-and-a-half, the modern technological revolution has gathered further momentum. This has been particularly so in the realms of Information and Communications Technologies (ICT), biotechnology, genetics and genomics. The ICT revolution is the harbinger of great promise, but at the same time, it also carries with it the danger of relegating the vast majority of developing countries to the wrong side of the digital divide. Some of the members of the G-15 have made spectacular advances in this technology, giving the entire Group a new countervailing power and opening up vast opportunities for mutual cooperation. Another development of momentous significance has been the acceleration in the pace of globalization which, on the one hand, provides unprecedented opportunities for the developing countries to enhance the efficiency and competitiveness of their economies by integrating with the global economy, but which, on the other hand, has the effect of the further marginalization of those who were already marginalized and outside the pale of the market. Through solidarity and cooperation, the G-15 has the potential to take full advantage of the opportunities presented by globalization and to deal effectively with its discontents. The 1990s have also witnessed the accentuation of the phenomenon of volatility in the financial markets, exposing developing countries to the risk of frequent economic crises, and even economic meltdown as witnessed in Mexico in 1994, the Republic of Korea and Southeast Asia in 1997/98, Brazil in 1999 and Argentina in 2001. This has coincided with a virtual dismantling of the international support system for these countries to cope with such crises. The new international financial architecture that is in the process of being put in place is discretionary in character and not rule-based. As a result, political factors, more than economic factors, have come to play a greater role in decision-making on bailing out countries facing such crises. This has created a situation of extreme uncertainty and vulnerability for developing countries, including the members of the G-15. There is clearly a need for common strategy to face this situation and for working for an arrangement which is equitable and rule-based. The G-15 has been, and will remain engaged in this crucial area. The G-15 today has a much enhanced prospect and potentiality to influence events and policies in favour of the member countries of the Group as well as the developing countries as a whole. The Group is more relevant today than when it was originally created. The Group has therefore continued to adapt itself to the new circumstances and the changed global situation, while maintaining its overall purpose and objective.