Question

Describe the circumstances responsible for the formation of G-77.

Answer 1

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1. Actual and complete control over their natural resources.

2. More assistance in development.

3. Fair prices for raw materials.

4. Better market for their manufactured material.

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Answer 2

G77 (Group of 77)

Explanation:

Only developed countries benefited from the economic growth of the West. So a group of 77 developing countries joined together and signed a declaration on 15 June 1964. This organization is called G77 (Group of 77) and its aim was to create New International Economic Order or NIEO. The membership is now 133 countries, but the old name is retained due to its historical significance. It is the largest organization of the third-world countries.