Objectives of new international economic order

The New International Economic Order (NIEO) was a set of proposals put forward by developing countries in the 1970s to reform the international economic system and promote greater economic equality and cooperation among nations. The main objectives of the NIEO were:

1. Eradication of poverty: To reduce the gap between the rich and poor countries and to eradicate poverty by promoting economic development and cooperation.
2. Promotion of economic development: To promote economic development in developing countries through increased access to international markets, technology, and capital.
3. Redistribution of wealth: To redistribute wealth from developed to developing countries through mechanisms such as debt relief, increased aid, and fair trade practices.
4. Establishment of a more just and equitable international economic order: To create a more just and equitable international economic order that reflects the interests and needs of all countries, particularly developing countries.
5. Protection of developing countries' sovereignty: To protect the sovereignty of developing countries over their natural resources and to prevent exploitation by developed countries.
6. Promotion of South-South cooperation: To promote cooperation and collaboration among developing countries to achieve common goals and to reduce their dependence on developed countries.
7. Reform of international financial institutions: To reform international financial institutions such as the International Monetary Fund (IMF) and the World Bank to make them more responsive to the needs of developing countries.
8. Increased participation of developing countries in international decision-making: To increase the participation of developing countries in international decision-making processes and to ensure that their voices are heard.
9. Promotion of sustainable development: To promote sustainable development by integrating economic, social, and environmental concerns into development policies and practices.
10. Reduction of economic inequality: To reduce economic inequality within and between countries by promoting fair trade practices, reducing debt burdens, and increasing access to international markets and resources.

The NIEO was a response to the growing economic disparities between developed and developing countries, and the perceived need for a more equitable and just international economic order. While the NIEO did not achieve all of its objectives, it did lead to some significant changes in the international economic system, including the establishment of the United Nations Conference on Trade and Development (UNCTAD) and the creation of the International Development Association (IDA).