It was established at the Ninth Non-Aligned Movement Summit Meeting in Belgrade, Yugoslavia, in September 1989, and is composed of countries from Latin America, Africa, and Asia with a common goal of enhanced growth and prosperity.

The G-15 focuses on cooperation among developing countries in the areas of investment, trade, and technology.

[3] Some of the objectives of the G-15 are: By design, the G-15 has avoided establishing an administrative structure like those for international organizations, such as the United Nations or the World Bank; but the G-15 does have a Technical Support Facility (TSF) located in Geneva.

[5] Other organs and functions of the G-15 include: In addition, the Federation of Chambers of Commerce, Industry and Services (FCCIS) is a private sector forum of G-15 member countries.

The purpose of the FCCIS is to coordinate and maximize efforts which promote business, economic development and joint investment in G-15 nations.