International economic order and trade in newly independent states

Abstract

The aftermath of World War II altered the worldwide polit ica l landscape. It resulted in the formation of a new balance of power, which expedited the end of extraterritorial regimes in China, Egypt, Turkey, and elsewhere in the world. It also created the United Nations Organization, which was given the primary responsibility of maintaining international peace and security. The majority of colonial territories achieved independence and membership in the Universal Community of Nations during this time period. International polit ics were profoundly altered by the birth of so many independent nation states. Politically, these states were formidable, but economically, they were significantly less developed than their former colonial masters, because their invaders had already exploited the majority of their resources. Thus, at the time of gaining independence, they were economically undeveloped and impoverished. Not only did these newly independent nations have few or no domestic industry that produced items for global markets, but export of primary commodities was also their primary economic driver. In addition, they were left to struggle for economic independence in an environment where the laws, systems, and institutions worked against their best interests. So, the New International Economic Order (NIEO) is a movement by developing and third world nations against neo-colonialism, economic inequality, and underdevelopment that aims to narrow the gap between rich and developing nations. In the 1970s, the participation of developing economies from Africa, Asia, and Latin America made the movement extremely popular. Since its independence, India's foreign policy has campaigned for a stable and equitable global order. Together with several emerging nations, including Brazil, South Africa, Russia, Indonesia, China, and Japan, India adopted many init iatives to reform the international economic system, including NAM, BRICS, IBSA, G4 Countries, and South-South Cooperation. This study's pri mary purpose is to examine India's significant measures towards the New International Economic Order in terms of how our trade policies have changed over the years specially with United states, European nations and China( Mostly in the t imeline of pre 1992 & 1992 onward).