Caracas, (IANS) : Preparations were underway for the 17th Non-Aligned Movement Summit (NAM) slated to take place from September 13 to 18.

The summit will be held in the island of Margarita, located off the state of Nueva Esparta and host representatives from 120 members countries, Xinhua news agency reported on Saturday.

The NAM is the second largest international body, after the UN, with 53 members from Africa, 39 from Asia, 26 from Latin America and the Caribbean besides 17 observer countries and 10 observer organisations.

In March, Foreign Minister Delcy Rodriguez said Venezuela would assume in September the rotating presidency of the Non-Aligned Movement.

“The Summit will offer a broad platform for a fundamental change in international economic relations and the complete economic emancipation of Southern countries,” she added.

In August, President Nicolas Maduro said his country was ready to hold the rotating presidency for the next three years, after taking over from Iran during the Summit.

Venezuela currently also sits on the UN Security Council as a non-permanent member and holds the rotating presidency of the Union of South American Nations (Unasur).