G-77
- INTERNATIONAL
News:
Brazil’s Lula rekindles
ties with Cuba
What's
in the news?
●
Brazilian President Luiz Inácio Lula da
Silva met with his Cuban counterpart in Havana, signalling a revitalization of
ties between the two countries in the first trip by a Brazilian president to
the Caribbean nation in nine years.
Group
of 77 (G-77):
●
Group of 77 is the largest intergovernmental organization of developing countries in the
United Nations.
●
They were the initial signatories of the
“Joint Declaration of the Seventy-Seven Countries” declared at the closing of
the first session of the United Nations Conference on Trade and Development
(UNCTAD) in Geneva.
●
It was established in 1964 by 77 developing countries.
Goal:
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The goal of the G-77 is to foster economic cooperation among
members and to promote development.
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The Group of 77 is guided by the Charter of Algiers, which acts as its
institutional structure.
Features:
●
The group meets annually at the UN in New
York.
●
Traditionally G77 speaks with a single
voice before the 193-member General Assembly and also at all UN committee
meetings and at international conferences.
G77
Countries:
As of 2020, the G77
Members include all of the UN member states (along with the U.N. observer state
of Palestine), except the following nations:
●
Members of the Council of Europe except for Azerbaijan.
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Members of the Commonwealth of Independent States Free Trade Area except for
Tajikistan.
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Members of the Organization for Economic
Co-operation and Development (OECD)
except for its members of South America.
●
Two
Pacific microstates, Palau and Tuvalu.
G77
- Objectives:
The objectives of the G77
include:
●
Help developing countries work together
and have a stronger say in global economic decisions.
●
Support efforts to reduce poverty. Achieve sustainable development and improve the
lives of people in developing nations.
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Ensure fair trade and investment rules that benefit developing countries
and allow them to take part in global trade.
●
Make sure that developing countries have
enough resources to support their development projects. Ensure that they
receive affordable financing.
●
Help developing countries acquire
technology and knowledge from more advanced nations.