What does the New International Economic Order (NIEO) stand for?

Economic Development for developing countries.

The correct answer is Option 3 - Economic Development for developing countries.

The New International Economic Order is a set of proposals advocated by developing countries to end economic colonialism and dependency through a new interdependent economy.

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

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