Question

and features of Nieo

Answer 1

In essence, the NIEO aims at social justice among the trading countries of the world. It seeks restructuring of existing institutions and forming new organisations to regulate the flow of trade, technology, capital funds in the common interest of the world’s global economy and due benefits in favour of the LDCs. It has the spirit of a ‘world without borders.’

It suggests more equitable allocation of world’s resources through increased flow of aid from the rich nations to the poor countries.

It seeks to overcome world mass misery and alarming disparities between the living conditions of the rich and poor in the world as large.

Its aim is to provide poor nations increased participation and have their say in the decision-making processes in international affairs.

Among to other objectives, the NIEO envisages the establishment of a new international currency the implementation of SDR aid linkage, the increased stabilisation of international floating exchange system and the use of IMF funds as interest subsidy on loans to the poorest developing countries.

The crucial aim of the NIEO is to promote economic development among the poor countries through self- help and South-South co-operation.

The NIEO intends to deal with the major problems of the South, such as balance of payments disequilibrium, debt crisis, exchange scarcity etc.

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Answer 2

Answer:

The correct answer to this question is that NIEO seeks to promote social justice among the world's trade nations.

Explanation:

Given - The features of Nieo

To Find - Write the features of Nieo.

The NIEO seeks to promote social justice among the world's trade nations.

Through the United Nations Conference on Trade and Development, several developing nations proposed the New International Economic Order (NIEO) in the 1970s to advance their interests by enhancing trade conditions, increasing development aid, and reducing developed-country tariffs.

The industrialized countries' continuous massive exploitation of global resources and revenue has fueled demand for NIEO. Rich countries have been effective in sustaining their takeover of global resources to the disadvantage of poor and weak countries by using a variety of guises.

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