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In April 1974, there was a 6th special session on the UN General Assembly and this session adopted a manifesto entitled "Declaration and Programme of Action for the NIEO". The declaration had several clauses, such as, adoption of an integrated approach to price support for an entire group of developing country commodity export; price indexation; the linkage of development assistance with the creation of IMF Special Drawing Rights (SDR); etc. As part of the declaration for the establishment of the NIEO, the charter of Economic Rights and duties of states were incorporated.
The most important provision in the proposal of the NIEO has to do with the management and prices of at least 10 core commodities: cocoa, coffee, copper, rice, wheat, tea, sugar, rubber, tin, and banana. It was at the 7th special session of the UN General Assembly held in 1975 that the Resolution 3362 was adopted. The Resolution was as a compromise between the developed and developing nations and it basically endorsed the demand of the NIEO: the idea of price indexation, the 0.7% oil target, the SDR and many other
provisions on the 6th General Assembly.
The NIEO had failed to radically change the pattern of trade between the South and the North. This failure is as a result of the following factors: lack of power of the Third world in the International system; the debt burden of the new states; the course of implementing some of the proposal of the NIEO were beyond the reach of the developing states. Suggestions so far put forward or supported by the Third World states for a new world economic order have not proved acceptable to the major powers, these was as a result of, one, lack of power of the developing states, two, their growing debt; three, the course of implementing some of the proposal were beyond the reach of the developing states, etc.
Conclusively, in spite of the agitations of the Third World, such as the call for NIEO, UNCTAD, United Nation Conferences on Human Development, etc, the right to development of the developing states is still being denied. It should be noted that some of the developing states have improved in development, for example, the Newly industrialized Countries (NIC), the Asian Tigers. The present agitation of the Third World states is the Millennium Development Goals (MDG) which they are using in
achieving their right to development.
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akinbo a. a. cornerstone
A prolific Nigerian writer with a gift for words. Wrote under the pen name of Fad and Quad during the Military Era. Currently uses the "pscornerstone" signature.
An activist with religious inclination and respect for cultural heritage, he grew up streetwise and with great love for his country, Nigeria.
He believes that he who holds the word holds the world.
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