The Group of 77 was founded on June 15, 1964, by the ‘Joint Declaration of Seventy-Seven Developing Countries’ issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva. It is also the largest intergovernmental organization of developing countries in the United Nations.
The number of founding members of the Group was 77 countries; but by November 2013, the organization’s member staes rose to 133. Sri Lanka is among the founding members.
The Chairmanship, which is the highest political body of the Group of 77, rotates on a egional basis between Africa, Asia-Pacific and Latin America and is held for one year. Bolivia holds the presidency for 2014.
The 50th summit of the Group of 77 will be held on June 14 and 15 in Santa Cruz, Bolivia.
The South Summit is the supreme decision making body of the Group. the first and second South Summits were held in Havana, Cuba in 2000 and in Doha, Qatar in 2005 respectively. The activities of the Group of 77 are financed through contributions by memeber states in accordance with the relevant decisions of the First South Summit.