The cold war era is gone.The race controlling the world market among developed nations has resulted into a march towards monopolistic neo-imperial development.Following the dominant principle of the Laissez- faire or negative liberalism , the modern nation states are bent upon capturing world market by hook and by crook. The recent trend to increase the excise duties over imported Chinese manufactured goods by the United States of America was responded in the same vein by its trade competitor China. The tit for tat policy is being applied by the other nations of the world against each other in dealing with their bilateral and multilateral trade relations. Trade war among nations has led to a fierce competition for monopolizing the markets of Souths Asian ,S-E Asian ,west Asian ,Afro and Latin American regions. Recent Chinese U.S. and other European nations interference in South -China Sea and Indian Ocean has led to a war like situation among them causing a severe detrimental effect to maintaining world peace.The nature and role of third world countries in contemporary world politics are fast changing. They technologically are getting self reliant and becoming capable enough to actively participate in a free market competitive economy. Quality products and services being provided by the developing nations are challenging the goods and services of the developed nations.
.In the fast changing world scenario India under the leadership of Prime Minister Shri Narendra Modi has been mobilizing the opinion of the International actors towards restructuring the world economy through world Trade Organisation (WTO)in order to achieve the goal of New International Economic Order(NIEO) in 1974 as set by the United Nation Organisation(U.N.O)for establishing a just and egalitarian society .
The trade war between the U.S.A. and the Peoples Republic Of China (P.R.A.) over the supremacy by raising the tariff has violated the principle of an ethical multilateral trade relations based upon equity and justice.The goals and objectives to be achieved by the NIEO are lowering of Tariff,flow of financial assistance,market support to the Least Developed Countries (L.D.C.),stabilization of prices of farmers products of LDC countries,transfer of technology and reform of International Monetary System.The permanent solution to the current trade tangle lies only by adhering to the above mentioned NIEO principles . Rigid approach adopted by the two are not conducive to achieve the objectives of a New International Economic Order(NIEO)and ultimately world peace.
_Manoj Kuamar Upadhyay
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