WHAT DO G-15 COUNTRIES HAVE IN COMMON?
G-15 countries together are responsible for 25% of global crude oil output with Iran, Mexico, Venezuela, Nigeria, Brazil and Algeria among the world’s leading producers of oil and natural gas. Some member countries are abundantly endowed with extractive resources such as copper (Chile): nickel and tin (Indonesia). Many are the world’s leading producers of commodities like sugar (Brazil, India); tea (India, Kenya, Sri Lanka); coffee (Brazil); cocoa (Indonesia, Nigeria, Brazil); rubber (Indonesia, Malaysia); cassava (Nigeria, Brazil, Indonesia) and oil-seeds (Brazil, Argentina). Some have relatively developed economies with large diversified industrial bases (Brazil, India, Mexico), developed infrastructure (Chile, Malaysia) and advanced technological capabilities in critical areas like pharmaceuticals (Argentina, Brazil, India) and information technology (Malaysia, India, Argentina).
In 2007, G-15 countries accounted for one-third of the world’s population, and 27% of total exports and 30% of total imports of goods and services by developing countries. In terms of GDP size, 12 member countries counted among the world’s 50 biggest economies, with three (India, Brazil, Mexico) ranking among the biggest 15. Six G-15 countries (Brazil, Mexico, Chile, India, Malaysia, Argentina) ranked among the top 30 destinations for foreign direct investment, and three (Malaysia, Chile, India) figured among the first 30 countries on the global competitiveness index.