Full name of NIEO.

New International Economic Order

*The correct answer is Option 3 - New International Economic Order*

The idea of the New International Economic Order (NIEO) originated with the realization of the necessity to have sustained development. The United Nations Conference on Trade and Development (UNCTAD) brought out a report in 1972 entitled Towards a New Trade Policy for Development. The report proposed a reform of the global trading system so as to:

(i) give the LDCs control over their natural resources exploited by the developed Western countries,

(ii) obtain access to Western markets so that the LDCs could sell their products and, therefore, make trade more beneficial for the poorer countries,

(iii) reduce the cost of technology from the Western countries, and

(iv) provide the LDCs with a greater role in international economic institutions.