The 10th meeting of the Group of 77 (G-77) developing nations will be held in Iran August 19-21, with the aim of strengthening the economic independence of member states in a rapidly globalizing economy.
"The IFCC-X conference represents a significant step forward in strengthening mechanisms through which developing countries can achieve economic progress by engaging in South-South cooperation," said the United Nations Development Program (UNDP) resident representative in Iran, Francesco Bastagli.
Economic issues in developing states' globalization, information technology and review of cooperation will be the focus of discussion, he said, cited by the official Iranian news agency, IRNA.
G-77 was established in 1964 by seventy-seven developing countries, which signed the Joint Declaration of the Seventy-Seven Countries issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva.
Beginning with the first G-77 ministerial meeting in Algiers in 1967, which adopted the Charter of Algiers, a permanent institutional structure gradually developed which led to the creation of Chapters of the Group of 77 in Rome (FAO), Vienna (UNIDO), Paris (UNESCO), Nairobi (UNEP) and the Group of 24 in Washington, (IMF and World Bank). Although the membership of the G-77 has increased to 133 countries, the original name was retained because of its historic significance, according to the group’s website – Albawaba.com
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