The G-77 Golden Jubilee Summit designed to promote its members’ collective economic interests opens. The Sri Lankan President, who is in Bolivia to participate in the meeting, receives a warm welcome. The Summit is being held in Santa Cruz in Bolivia.
The G-77 + China popularly known as G-77 is a group comprising developing countries holding United Nations membership. This conference heralded the inception of a group of 75 developing countries pledging to promote equality in the international economic and social order and promote the interests of the developing world. This was largely seen as an “initial step towards the international endorsement of a new trade policy for development”.
The Group of 77 was established on the 15th of June 1964 during a United Nations Conference on Trade and Development (UNCTAD) held in Geneva. Sri Lanka is one of the founding members of G-77. Bolivia holds the current chair of G 77 and the organization commemorate its 50th anniversary this year.
The Summit opened yesterday according to Bolivian time. The inaugural session was addressed by Evo Morales and UN Secretary General Ban Ki Moon.
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