The GIC was launched in 1976, during Philadelphia's Bicentennial Celebration, at the assembly of leading United Nations and US officials. The mission and objectives of the organization are defined in the Declaration of INTERdependence, a very interesting document that starts with,
"In the course of history the threat of extinction confronts the mankind, it is necessary for the people of the United States to declare their interdependence with the people of all nations and to embrace those principles and build those institutions, which will enable the mankind to survive and the civilization to flourish".
For this aim, the GIC organizers and sponsors numerous events, designed to network international sources and address the increasing interdependence of financial markets throughout the world. The organization also places much emphasis on education and supports activities with local universities, inviting a student participation in GIC programs and organizing membership groups.
Annually, the GIC holds the annual International Monetary and Trade Conference that promotes an exchange of ideas between speakers and attendees. Past speakers include Paul Volcker, the Chair of the International Accounting Standards Board and former Chairman of the Board of Governors of the Federal Reserve System, Lawrence Kudlow and Robert Hormats, noted free-market economists, as well as chief economists for the International Monetary Fund and representatives from global finance and trade organizations.
The organization holds exclusive networking events that highlight specific countries and regions. Participants have an opportunity to meet members of trade missions as well as businesspeople, operating in and/or working with featured countries or regions. For instance, on July 13, 2005, the GIC held its 20 th Annual Gala at the Four Seasons Hotel in Philadelphia, dedicated to the growing economic interdependence between the US and India.
Over the past five years, the world has been observing the transition of India from a closed, protective economy to an open productive one. Today, India is the world's largest democracy and forth largest economy. This fast and successful transformation of India has become a great cause for celebration, shared by the GIC members.
In addition to celebrations in honor of achievements, the GIC organizes topical programs that invite experts to respond to most vital issues of the day, such as terrorist attacks, wars and health emergencies like SARS, allowing attendees to better understand and react to current events. At the meeting on June 7 th, 2005, the GIC members discussed an integrated and comprehensive program on global energy markets. The participants held the discussion on global petroleum markets and energy trends in the US, China and other leading economies.
The GIC also cooperates with the Philadelphia Department of Commerce and several international organizations to develop a strategic plan for enhancing the international dynamics of Philadelphia.