The G-77 was formed by 77 developing countries that demanded a New International Economic Order ( NIEO) because they felt that they had not benefited from the fast growth as experienced by the Western countries between 1950 and 1960. These were the developing countries who wanted to have a proper control over their natural resources, fair authority in the decision of its prices and a better opportunity to trade their goods in the market of the Western countries. They were also against apartheid and favored global disarmament. Currently, there are 134 countries. The chairmanship is held by Egypt. In 2019, Palestine will occupy this position.