Ecuador Accepts Transfer of G77 Chairmanship at UN

Ecuadorian President Rafael Correa has accepted the transfer of G77 presidency at the UN headquarters in New York.

MOSCOW (Sputnik) – The G77 chairmanship was passed from Thailand to Ecuador on Friday, for a period of one year (until January 2018).

Prior to heading for New York, Correa stressed that under Ecuador’s presidency, the G77 would focus on the issue of tax havens, which he called "the largest manifestations of savage capitalism" that need to be banned.

The Group of 77 (G77), established in 1964, is a coalition of over 130 developing countries at the United Nations. It aims to facilitate the promotion of collective economic interests and promotes development cooperation.