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KembaraXtra – Legal Terms – New International Economic Order
The New International Economic Order (NIEO) was a set of proposals adopted during a special session of the United Nations General Assembly in 1974.
The initiative was introduced through a declaration and programme of action aimed at restructuring global economic relations to create greater fairness between developed and developing countries.
The NIEO emphasized principles such as equity, sovereign equality, cooperation, common interest, and interdependence among states.
One of its major objectives was to challenge traditional international rules relating to compensation for nationalization of foreign-owned property.
Under the NIEO approach, the law of the state carrying out nationalization would govern compensation issues rather than customary international law requiring effective compensation to foreign owners.
The New International Economic Order (NIEO) was a set of proposals adopted during a special session of the United Nations General Assembly in 1974.
The initiative was introduced through a declaration and programme of action aimed at restructuring global economic relations to create greater fairness between developed and developing countries.
The NIEO emphasized principles such as equity, sovereign equality, cooperation, common interest, and interdependence among states.
One of its major objectives was to challenge traditional international rules relating to compensation for nationalization of foreign-owned property.
Under the NIEO approach, the law of the state carrying out nationalization would govern compensation issues rather than customary international law requiring effective compensation to foreign owners.
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