Here is Part “G” of my series, “International Trade Alphabet Soup” that will periodically list and provide context for key acronyms and international trade terms:
G-5 – Group of Five is an informal grouping comprising France, Germany, Japan, the United Kingdom, and the United States whose leaders meet periodically to discuss coordination of economic and trade policy; representatives of the central banksof these nations also meet periodically to discuss monetary matters.
G-5 – Group of Five is also used to refer to the five leading emerging economies of Brazil, Russia, India, China, and South Africa (BRICS).
G-7 – Group of Seven is an informal bloc of western industrialized democracies—France, Germany, Italy, the United Kingdom, Japan, the United States, and Canada—formed in 1976 and which meet periodically to discuss international monetary and economic issues. Critics question this group’s relevance as it excludes the large emerging economies (BRICS).
G-8 – Group of Eight incorporates Russia into the Group of Seven (G-7) to comprise the eight highly industrialized nations of France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia, which hold an annual summit to foster consensus on such global issues as economic growth and crisis management, global security, energy, and terrorism.
G-20 – Group of Twenty provides a forum for the leaders of 19 of the world’s largest economies plus the European Union, which meet annually to discuss key issues related to the global economy with a mandate to promote growth and economic development across the globe.
G-77 – Group of 77 is the largest intergovernmental organization of developing countries in the United Nations system to articulate the trade and economic development goals and enhance the joint negotiating capacity of its (now 130+) members.
GAFTA — Greater Arab Free Trade Area comprises 17 Arab League states working to foster trade and economic cooperation among themselves.
GATS – General Agreement on Trade in Services is an agreement negotiated within the World Trade Organization (WTO) which articulates the rules that govern global trade in services.
GATT – General Agreement on Tariffs and Trade is an agreement negotiated within the World Trade Organization (WTO) which articulates the rules that govern global trade in goods.
GCC – Gulf Cooperation Council is a political and economic alliance of six Middle Eastern countries — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (UAE) with the stated goal of achieving unity based on their shared political and cultural identities rooted in Islamic beliefs.
GPA – Agreement on Government Procurement is a World Trade Organization (WTO) plurilateral agreement (not all WTO members are parties) whose signatories have agreed to open their government procurement markets among themselves.
GSP – Generalized System of Preferences is a U.S. program which provides preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories. The program has been expired since August 1, 2013 and a campaign for its reauthorization by the U.S. Congress is underway.
GSTP – Global System of Trade Preferences or General System of Trade Preferences was established in 1988 as a framework for the exchange of trade preferences among developing countries to promote South-South (intra-developing-country) trade.