1 minute or article on topic G-77
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When the Group of 77 (G-77) emerged on the world economic scene at the end of the first United Nations Conference on Trade and Development (UNCTAD) in 1964, it was hailed in a front page headline of the prestigious Sunday Observer, a London weekly, as “the most important phenomenon of the Post-War period”. When the first UNCTAD convened, the Group was already functional, but it had 75 members, including Australia and New Zealand. By the end of the Conference, G-75 was transformed into G-77 with the exit of Australia and New Zealand and the entry of four more developing countries. The first substantive and authoritative document issued by the G-77 was its Declaration containing an assessment of the outcome of the Conference and outlining the objectives to be pursued in the future, particularly through the UNCTAD forum. It was a seminal document in which the developing countries proclaimed for the first time their resolve to work for a new international order. This was a decade before the adoption by the United Nations General Assembly of the Declaration and Plan of Action for the Establishment of a New International Order.
Answer:
Group of 77 (G-77), loose alliance of developing countries established on June 15, 1964. The name of the group derives from the 77 original signatories to the Joint Declaration of the Seventy-Seven Countries at the conclusion of the United Nations Conference on Trade and Development (UNCTAD) in Geneva. The primary goals of the G-77 are to maintain the independence and sovereignty of all developing countries, to defend the economic interests of member countries by insisting on equal standing with developed countries in the global marketplace, to establish a united front on issues of common concern, and to strengthen ties between member countries. Because of the historical significance of the meeting, the name G-77 has been kept despite the group’s growth to include more than 130 countries.