Why was g 77 formed by the developing countries?
Answers
Answer:
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. Although the members of the G 77 have increased to 134 countries, the original name was retained due to its historic significance.
The G 77 is the largest intergovernmental organization of developing countries in the United Nations which provides the mean for the countries of the south to articulate and promote their collective economic interests and enhance their joint negotiating capacity on major international economic issues within the United Nations System, and promote south-south cooperation for development.
Most developing countries did not benefit from the fast growth of the western economies in 1950s and 1960s. Therefore the 77 developing countries established the G 77 to get the following facilities:-
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:
The developing countries did not benefit from the fast growth the western economies experienced in the 1950s and 1960s under the guidance of World Bank and IMF.