The proclamation of the International Year was included in a resolution entitled "Co-operatives in Social Development", which was adopted by the General Assembly at a session in New York.

Since 1959, the UN has designated International Years in order to draw attention to major issues and to encourage international action to address concerns which have global importance.

There are close to 9,000 co-ops and credit unions across Canada, with more than 17 million members. Some of Canada's best-known businesses, including The Co-operators, Vancity , and Desjardins Group are co-operatives.