dependent on the industrialized, fast and stable developed countries. to be precise the world economic order tends to be in favour of the developed countries. for the LDCs to reap more benefit in international trade in terms of favorable terms of trade, experience ,stable and fast growing economy and bring about equitable development with the advanced countries, the LDCs reach a consensus for the establishment of what is known as a new international economic order(NICO).
the established new economic order that gave rise to (UNIEO) demanded that the advance countries should make the following reforms in order to balance the inequity in the existing economic arrangements and relationship between the developed countries and less developed countries.
- The LDCs are calling for the correction of the imbalance in the distribution of international monitory services
- the change of the structure distribution and gains obtained from international purchases of LDCs products
- the LDCs demand the cancellation of official debt of the least developed countries among them and the rescheduling of commercial debts
- developing countries want advanced countries to structure their markets system so that they will be open in order to buy more of their exports and increase transfer from developed countries to LDCs
- the LSCs are demanding for structural change of international decisions making to be favorable to all countries
- the LDC's want a replacement of gold with special drawing rights (SDRs) as the principle reserve assets and that IMF should create and make SDRs to the developing countries
- developing nations are also demanding for the reform of the IMF and world bank whose activities like their straight conditionals are inimical to the survival and development of LDCs
- the LDCs want a liberalized condition under which there will be genuine transfer of technology from the industrialized nations to less industrialized countries
- they called for international control of the activities of multi national cooperations the economic agents of developed countries economic agents of developed countries that dominate economies of the LDCs
- finally the LDCs want the oceans of the world to be made new sources of revenue to them through the deep sea fishing rents oil royalties etc
The LDCs sincerely hope that the establishment of a new international economic other based on equity and sovereign equality will go a long way in changing the present unequal existing economic relationship between the rich and poor nations of the world. it is also hoped that a NIEO will bridge the widening economic gap between the developed and the developing nations and ensure a speedy economic and social development in LDCs and guarantee peace, justice and equity which will make the world a better place to live for the present and future generations