The Group of 77 was a trade alliance of developing country governments that
A) tried to use GATT rather than UNCTAD to pursue international rules that would increase their share of the gains from trade.
B) tried to use UNCTAD rather than GATT to pursue international rules that would increase their share of the gains from trade.
C) pressured advanced industrial countries to decrease trade barriers to protect their commodity export interests from competition.
D) pressured other developed countries to improve the terms of trade with each other.
E) created a finance mechanism, funded largely by the advanced industrialized countries, to purchase their commodities when their prices reached above a ceiling.

Question

Quizplus · Accepted Answer

The Group of 77 mainly sought to use UNCTAD (the United Nations Conference on Trade and Development) to pursue international rules that would increase their share of the gains from trade. The group was founded in 1964 by seventy-seven developing countries, and has since expanded to 135 member states. The aim of the G77 was to promote economic cooperation among its members and to enhance their bargaining power in the international arena. This was done by advocating for greater representation of developing countries in international organizations and discussions, as well as calling for reforms to the global trading system to address the needs and interests of poorer nations.

The Group of 77 Was a Trade Alliance of Developing