U.A.E. attends G77+China Summit in Bolivia

ABU DHABI: U.A.E., following its participation in the two-day meetings of the Group of 77 developing countries plus China, (G77+China Summit), in Santa Cruz, Bolivia, re-affirmed its commitment to work alongside countries around the world for the achievement of sustainable development and promote global economic growth.

Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, who led U.A.E. delegation to the summit on directives from H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, said “U.A.E.’s participation reflects its strong commitment to support developing countries, which is evident through the role of country plays in both establishing various international groups and being a member. U.A.E. stressed the importance of adopting strategies to achieve the necessary development foundations for the new era, which includes ensuring food security and agricultural development, enhancing the UN agencies such as the Food and Agriculture Organization (FAO), the World Food Programme (WFP) and the International Fund for Agricultural Development (IFAD).”

Minister Al Tayer also stressed on U.A.E.’s commitment to continue providing full support in order to promote joint action and cooperation between various countries around the world. He also emphasised that “it is this collaboration which has led to excellent results including the formation of the Group 77 and China.” In his statement before the summit, Mr. Al Tayer noted the group’s role in supporting the rights of developing countries and enhancing their ability to achieve economic growth and succeed in their development plans.

He said, “Despite the global economic indicators showing a rise in the level of growth from 3% in 2013 to 3.6% in 2014, this increase is linked to many risks and requires the implementation of various financial reform programmes to ensure successful economic growth in all countries.” The U.A.E. minister also stressed on the importance of reforming the international financial system to allow for greater participation from developing countries and to involve them in the decision-making process.

During the G77+China meetings, the Republic of Fiji passed the presidency of the group to the Republic of Bolivia.

In celebration of the 50th anniversary of the G77+China, the summit covered several topics and issues of common interest to the Group members, including strengthening the role of member countries on the global development agenda beyond 2015 as well as highlighting the needs of developing countries in terms of enhancing their sustainable development.

The Group of 77 (G-77), the largest intergovernmental organisation of developing countries in the United Nations, was established on 15 June 1964 by 77 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.

Beginning with the first “Ministerial Meeting of the Group of 77 in Algiers (Algeria) on 10 25 October 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 with Liaison offices in Geneva (UNCTAD), Nairobi (UNEP), Paris (UNESCO), Rome (FAO/IFAD), Vienna (UNIDO), and the Group of 24 (G-24) in Washington, D.C. (IMF and World Bank).

Although the members of the G-77 have increased to 133 countries, the original name was retained due to its historic significance.