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An agenda for discussions between industrial and developing countries focusing on restructuring of the world's economy to permit greater participation by and benefits to LDC s (also known as the "North-South Dialogue"). The term is derived from the Declaration for the Establishment of a New International Economic Order, adopted by the United Nations General Assembly in 1974, and refers to a wide range of trade, financial, commodity, and debt-related issues. A revision of the international economic system in favour of Third World countries. The New International Economic World Order(NIEO) was the replacement of the Bretton Woods system, which had benifited the leading states that had created it- especially the United States. The New International Economic Order ('''NIEO''') was a principle declared by the United Nations General Assembly (UN GA) in 1974 , along with a Programme Of Action and a Charter Of Economic Rights And Duties Of States . In the 1970s and 1980s , the Developing Countries pushed for NIEO and an accompanying set of documents to be adopted by the UN GA. Subsequently, however, these norms became only of Rhetorical and political value, except for some partly-viable mechanisms, such as the non-legal, Non-binding Restrictive Business Practice Code adopted in 1980 and the Common Fund For Commodities which came in force in 1989 . The main tenets of NIEO were: # Developing countries must be entitled to regulate and control the activities of Multinational Corporation s 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. # International Trade should be based on the need to ensure stable, Equitable , and Remunerative Prices for Raw Material s, generalized Non-reciprocal and Non-discriminatory Tariff preferences, as well as Transfer Of Technology to developing countries; and should provide economic and Technical Assistance without any Strings Attached . REFERENCES
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