NEW INTERNATIONAL ECONOMIC ORDER | NIEO
NEW INTERNATIONAL ECONOMIC ORDER-NIEO
The non-aligned countries were mediators during the Cold War as well as they (LDCs) have challenges of poverty, economic backwardness, dependency.
In this scenario new concept originated known as NIEO. & UNCTAD report in 1972 by name ‘Towards a New Trade Policy for Development’ proposed a reform in the global trading system as:
(i)Give the control to LDCs over their natural resources.
(ii)Provide access to Western markets for LDCs.
(iii)Reduce the cost of technology for LDCs.
(iv)Provide greater role in international economic institutions for LDCs.
-> In 1970s NAM converted as an economic pressure group. But in 1980, Initiative of NIEO had faded because of the stiff opposition from the developed countries.