What is NIEO

The New International Economic Order (NIEO) was a set of proposals put forward during the 1970s by some developing countries through the United Nations Conference on Trade and Development to promote their interests by improving their terms of trade, increasing development assistance, developed-country tariff reductions, and other means. It was meant to be a revision of the international economic system in favour of Third World countries, replacing the Bretton Woods system, which had benefited the leading states that had created it – especially the United States. This order was demanded by the Non-Aligned Movement.

New international economic order (NIEO) which is an economic and political concept that advocates the needs for fundamental changes in the conduct of international trade and economic development to redress the economic imbalance between the developed countries and their less developed counterpart.