Question

The United Nations Conference on Trade and Development (UNCTAD) brought out a report in 1972 entitled towards a New Trade Policy for Development which proposed reform of global trading system. Which statement is correct regarding this?

Options

• LDCs do not get control over their own natural resources which were being exploited by developed western countries.

• Not to make the western market available for LDCs to make trade more beneficial. 

• Not to reduce the cost of technology from western countries. 

• All the above

Answer 1

LDCs do not get control over their own natural resources which were being exploited by developed western countries.

Explanation:

Non-alignment provided a third option for newly decolonized countries in Asia, Africa, and Latin America to avoid joining either alliance. The majority of NAM members were classified as Least Developed Countries (LDCs), with the goal of becoming more economically developed and less reliant on richer countries. With this realization came the birth of a new International Economic Order (NIEO). In 1972, the United Nations Conference on Trade and Development (UNCTAD) issued a report titled Towards a New Trade Policy for Development, which proposed reform of the global trading system:

1. LDCs gained control of their own natural resources, which had previously been exploited by developed Western countries.
2. To make the Western market more accessible to LDCs in order to improve trade.
3. Western countries' technology costs should be reduced.
4. To give LDCs a larger voice in international economic institutions.