Question

What is NIEO? Mention the three demands made by least developed countries.
( this is a long answer )​

Answer 1

Explanation:

At the Sixth Special Session of the United Nations General Assembly in 1975, a declaration was made for the establishment of a New International Economic Order (NIEO). It is regarded as a turning-point in the evolution of the international community. NIEO is to be based on equity, sovereign equality, common interest and co-operation among all States, irrespective of their social and economic systems, which shall correct inequalities and redress existing injustices, make it possible to eliminate the widening gap between the developed and the developing countries and ensure steadily accelerating economic and social development and peace and justice for present and future generations.

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Answer 2

NIEO - New International Economic Order

These proposals included the revision of the international economic system in favor of Third World countries, replacing the Bretton Woods system, which had benefited the leading states that had created it – especially the United States.

1. Developing countries must be entitled to regulate and control the activities of multinational corporations operating within their territory.
2. Developing countries must be entitled to regulate and control the activities of multinational corporations operating within their territory.They must be free to nationalize or expropriate foreign property on conditions favourable to them.
3. Developing countries must be entitled to regulate and control the activities of multinational corporations operating within their territory.They must be free to nationalize or expropriate foreign property on conditions favourable to them.They must be free to set up associations of primary commodities producers similar to the OPEC; all other States must recognize this right and refrain from taking economic, military, or political measures calculated to restrict it.

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