Q. 85.0( 1 Vote )
Mention any four
The idea of a New international economic Order (NIEO) originated with realization most the non aligned countries were least developed countries (LDC). The United Nations Conference on Trade and Development (UNCTAD) brought out a report in 1972 entitled Towards a New Trade Policy for Development. The reforms proposed by UNCTAD in 1972 to reform the global trading system are:
• Provide the LDCs to control over their natural resources which are exploited by the developed Western countries.
• The reform was to obtain access to Western markets so that the LDCs could sell their products and, therefore, make trade more beneficial for the poorer countries.
• Provide a reduction in the cost of technology from the Western countries; therefore it will be beneficial for the LDCs to make the economic progress.
• Provide the LDCs with the greater role in international economic institutions.
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