The 42 members of GSTP include 7 LDCs as well (Bangladesh, Benin, Guinea, Mozambique, Myanmar, Sudan, and Tanzania).

Through the framework of the GSTP, its participants aim to promote economic growth and development by capitalizing on South-South trade.

Institutionally, the Committee of Participants (COP) is the highest decision-making organ of the GSTP and has the mandate to oversee the operation of the Agreement.

The first efforts to implement a preferential trading system at the plurilateral level that would encompass developing countries started in the mid-60s.

The Committee aim was to collect list of exports and concessions from developing countries in order to reach a common ground.

In 1982, Ministers of Foreign Affairs belonging to the Group of 77 met in New York and defined the main components of the Agreement, establishing the negotiations framework as well.

Under the authority of the GSTP Negotiating Committee, the 22 participants (Argentina, Brazil, Paraguay, and Uruguay (forming Mercosur), Algeria, Chile, Cuba, Democratic People's Republic of Korea, Egypt, India, Indonesia, Iran, Malaysia, Mexico, Morocco, Nigeria, Pakistan, Republic of Korea, Sri Lanka, Thailand, Vietnam and Zimbabwe) aimed at broadening and deepening tariff concessions.

[12] These are: Argentina, Brazil, Paraguay and Uruguay (forming Mercosur), the Republic of Korea, India, Indonesia, Malaysia, Egypt, Morocco and Cuba.

Collectively, the 43 GSTP economies (including Colombia) represented a market of US$14 trillion in 2018, having grown at 10.3 per cent since 2000s, nearly twice the world average growth.

Research shows that South-South trade tends to foster non-traditional exports, including agro-industrial products and higher value-added and technology intensive manufactured goods, and makes it easier for firms to move up the value chain.

A preliminary model-based estimates by UNCTAD find that the São Paulo Round outputs will have a significant positive welfare effect.

[17] In fact, estimates suggest that implementation of the São Paulo Round by all eleven of its current signatories will result in shared welfare gains of US$14 billion.