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 17 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.