Raw materials and development: Production and trade

The Declaration on the Establishment of a New International Economic Order and the Programme of Action on it provide a charter enshrining the principles that should regulate international economic relationships. New orientations are necessary because, for too long, developing countries have found their efforts at development impeded by the slow growth and violent fluctuations in their export earnings. The recent upsurge in commodity prices shows signs of slackening, but there are distinct possibilities of continuing inflation, with a reduction in the economic growth of developed countries. The developing countries are thus faced with rising import bills for their requirements of food, oil and manufactured products, and shrinking demand for their exports. Co-operative action for a better deal for the exports of developing countries has to proceed from stabilization of export earnings, through various means, to viewing the problems in the context of international transfer of income for the economic and social development of developing countries.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities