Define new international economic order its agend

The New International Economic Order (NIEO) is a concept that emerged in the 1970s, particularly during the United Nations Conference on Trade and Development (UNCTAD) in 1972. The NIEO aimed to reform the global economic system to make it more equitable, just, and sustainable for all countries, particularly developing countries.

The NIEO agenda was shaped by the following key principles:

  1. Economic sovereignty: Developing countries sought to regain control over their economic policies and resources, free from the dominance of developed countries.
  2. Fair trade: The NIEO aimed to establish a more equitable trade system, with fair prices for raw materials and commodities, and an end to exploitation by developed countries.
  3. Sustainable development: The NIEO emphasized the need for economic development that is environmentally sustainable, socially just, and equitable.
  4. International cooperation: The NIEO promoted international cooperation and coordination to address global economic challenges and promote collective prosperity.
  5. Redistribution of wealth: The NIEO aimed to reduce the economic and financial disparities between developed and developing countries, and to redistribute wealth more equitably.

The NIEO agenda included several key initiatives, such as:

  1. Commodity agreements: Developing countries sought to establish international agreements to stabilize prices and ensure fair returns for their commodities, such as oil, minerals, and agricultural products.
  2. Transfer of technology: The NIEO aimed to promote the transfer of technology from developed to developing countries, to help them develop their own industries and economies.
  3. Debt relief: Developing countries sought debt relief and restructuring to alleviate the burden of debt servicing and free up resources for development.
  4. International monetary reform: The NIEO aimed to reform the international monetary system, including the Bretton Woods institutions (IMF and World Bank), to make them more responsive to the needs of developing countries.
  5. South-South cooperation: The NIEO promoted cooperation and collaboration among developing countries, to leverage their collective strength and promote their common interests.

The NIEO agenda was reflected in several key documents, including:

  1. The Lima Declaration (1971): A declaration adopted by the UNCTAD conference, which outlined the principles and objectives of the NIEO.
  2. The Charter of Economic Rights and Duties of States (1974): A UN General Assembly resolution that enshrined the principles of the NIEO and the rights and duties of states in the economic sphere.
  3. The Buenos Aires Plan of Action (1979): A plan adopted by the UNCTAD conference, which outlined a comprehensive strategy for implementing the NIEO.

While the NIEO agenda has not been fully implemented, it has had a lasting impact on international economic relations and has influenced the development of subsequent initiatives, such as the United Nations Millennium Development Goals (MDGs) and the Sustainable Development Goals (SDGs).