The economic development initiatives begun by His Majesty King Abdullah II do not only concern Jordan; many focus on building international partnership within the developing world. Those partnerships can translate into tangible economic benefits for people in all participant nations, which includes a quarter of the world's population, in order to create a forum for cooperation and exchange of knowledge and the mobilisation of international support necessary for the development of their economies. The G-11 groups 11 of the world's lower middle-income nations: Croatia, El Salvador, Ecuador, Georgia, Honduras, Indonesia, Morocco, Pakistan, Paraguay, Sri Lanka and Jordan.
Formation of the G-11
The leaders and representatives of nine countries with lower middle income, in addition to Croatia and Pakistan, adopted the initiative launched by His Majesty the King at the sixtieth session of the General Assembly of the United Nations in 2005 to contextualize their code in a group that was named the G-11 Group. Objectives were to look after their economic interests - trade, investment and others – and to mobilize support for their economic and development issues.
The group held its first meeting in September 2006 in New York. The second meeting of the heads of states of the G-11 Group was held in Jordan on the sidelines of the World Economic Forum held at the Dead Sea in May 2007. During the meeting, the initiative launched by King Abdullah, serving as group chairman, was adopted in partnership with the G-8 Group industrial nations. It aimed to: strengthen cooperation in the area of infrastructure; support small and medium-sized enterprises; transfer scientific research, development and technology; fight against poverty: and promote youth leadership. It was also decided that Jordan should continue to act as president for the G-11 Group in discussions with the G-8 Group to achieve these goals.
Shared Challenges and Objectives of G-11 countries:G-11 countries continue to face significant common challenges:
- Vulnerability to external shocks
- Public debt burden - limiting the resources required to facilitate the implementation of critical reform and development projects
- Difficulty maintaining macroeconomic stability and fiscal consolidation
- High rates of poverty
- Gender inequality
- Unequal access to basic infrastructure and services
- The special situation of land locked countries
- Unemployment and a growing urgency to provide opportunities for new entrants to the job market
- Underdeveloped infrastructure
- Climate change
- Food security
They share common objectives:Accelerating the implementation of homegrown reforms
- Maintaining a stable macroeconomic framework through fiscal prudence and sound monetary policies
- Improving governance and combating corruption
- Ensuring efficiency transparency and accountability in the management of public resources
- Promoting youth empowerment and entrepreneurship
- Political liberalisation and inclusion: through the endorsement of legislation addressing accountability and transparency, judicial independence and competency, and adequate and responsible management of national resources, including:
- Guaranteeing basic freedoms and enhancing public participation in the decision making process
- Mainstreaming gender development through women's increased political and economic participation
- Activating the role of private capital in the economy and enhancing FDI (foreign direct investment) inflows by providing a legal and institutional framework conducive to increased investment
- Accelerating the implementation of major development projects and privatisation schemes.
- Playing an active and significant role in combating terrorism through information and intelligence sharing
- Enacting anti-terrorism, anti-terrorism financing, and anti-money-laundering laws
- Structuring the education system to ensure lifelong learning
- Ensuring responsiveness of the educational system to market needs
- Promoting renewable energy and decreasing dependence on oil
- Introducing cross-sector policies that promote the efficient and responsible use of natural resources
- Improving efficiency in energy usage