What is G-77?what did the G-77 countries want to gain from new international economic order?describe
Answers
G-77 or Group of 77 refers to the seventy-seven developing countries that did not benefit from the fast growth western economies experienced in 1950s and 1960s. So, they organized themselves into G-77.
They demanded :
(i) A new international economic order that would give them real control over their natural resources.
(ii) More development assistance.
(iii) Fairer prices for raw material and
(iv) Better access for their manufactured goods in developed countries
The Group of 77 (G-77) was established on 15 June 1964 by seventy-seven developing countries signatories of the “Joint Declaration of the Seventy-Seven Developing Countries” issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva.