Group of Five (G-5)

What Is the Group of Five (G-5)?

The Group of Five (G-5) is a country grouping that since the mid-2000s incorporates Brazil, China, India, Mexico, and South Africa. These emerging market economies incorporate three of the four supposed BRIC nations and address a quickly developing and increasingly important geopolitical and economic segment of the world.

Prior to this usage, the G-5 generally alluded to France, Japan, the United Kingdom, the United States, and West Germany.

Understanding the Group of Five (G-5)

Group of Five (G-5) is a shorthand that follows a common pattern in strategy: national leaders will occasionally meet summits named according to the number of countries participating — G-8 or G-20, for instance.

The 2003 highest point of the G-8 incorporated the participation of the five largest emerging economies: Brazil, China, India, Mexico, and South Africa. This gathering was subsequently alluded to as the "G8+5" at the 2005 highest point. By 2007, the countries were known as the G-5, however later lost significance as different groupings turned out to be more important.

The G-5 grouping covers with the more well known BRIC grouping of Brazil, Russia, India, and China, which gained conspicuousness over the G-5. The G-5's website is at this point not accessible, however a filed variant says the group "assumes an active part in the transformation of the international scene with the objective of promoting dialog and understanding between developing countries and developed ones to track down common answers for global challenges." (Text deciphered from Spanish).

G-5 is likewise the former name of the G-6, a grouping presently involved Germany, France, the U.K., Italy, Spain, and Poland. The group was renamed when Poland joined in 2006.

Other Country Groups

The Group of Eight (G-8) is an assembly of the world's largest developed economies that have laid out a position as pacesetters for the industrialized world. Leaders of member countries the U.S., the U.K., Canada, Germany, Japan, Italy, and France meet intermittently to address international economic and monetary issues. In 2014, Russia was suspended from the group subsequent to annexing Crimea, an autonomous republic of Ukraine. Subsequently, the G-8 is presently frequently alluded to as the G-7, or Group of Seven.

The Group of Twenty (G-20) is a larger group of finance priests and central bank governors from 19 of the world's largest economies and the European Union (EU). Framed in 1999, the G-20 has a command to advance global economic growth, international trade, and regulation of financial markets. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the U.K, the U.S., and the EU, with Spain welcomed as a permanent guest.

Focusing on the developing world, the Group of 24 (G-24) was laid out in 1971 to arrange developing countries in issues of international monetary and development finance issues. The G-24 is a chapter of the Group of 77 (G-77), the largest intergovernmental group of developing states in the United Nations (UN).

Highlights

• The Group of Five (G-5) is a country grouping that incorporates Brazil, China, India, Mexico, and South Africa.
• These emerging market and BRIC economies are increasingly important on the world stage.
• This organization, as other "G" groupings, looks to advance strategy, trade, and policy among and between members.