GUAM's charter was signed during a summit in Yalta on 6 to 7 June 2001 by the four current members and Uzbekistan, which later withdrew. According to the former Ukrainian President Viktor Yushchenko the charter set objectives for cooperation, such as promoting democratic values, ensuring stable development, enhancing international and regional security and stepping up European integration. Moldova's 2000 elections were won by the Party of Communists of the Republic of Moldova who subsequently realigned their foreign policy towards Europe shortly before the parliamentary election held in March 2005.
In June 2007, GUAM nations agreed to form a 500-personnel joint peacekeeping force to battle separatism.
Given the existence of the Russian-led Commonwealth of Independent States (CIS), GUAM is sometimes seen in Russia as a way of countering the Russian influence in the area and as part of a strategy backed by the United States. However, GUAM leaders repeatedly and officially dismiss such claims and declare their strong willingness to develop close friendly relations with Russia. Moreover, Azerbaijan, the group's main energy power, has managed to avoid any conflicts with Russia in recent years.
In 2014, the group moved to use English instead of Russian as a working language at its meetings.