REGIONALISM WITHIN THE NEW INTERNATIONAL ECONOMIC ORDER: A LEGAL PERSPECTIVE

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REGIONALISM WITHIN THE NEW INTERNATIONAL ECONOMIC ORDER: A LEGAL PERSPECTIVE

Abstract:

On lsl May, 1974, the United Nations General Assembly at the sixth special session passed and adopted Resolutions 3201 and 3202; entitled the establishment of the New International Economic Order (NIEO) and programme of action on the New International Economic Order (NIEO) respectively. On the 12th December. 1974, at the 29th Regular session, the United Nations General Assembly adopted a Charter of Economic Rights and Duties of States. The global problem today lies on the universal implementation of these resolutions and charter. It is sad to note that the binding force of United Nations resolutions is weak. This calls for an urgent review of the United Nations Charter. Article 21 of the League Covenant and Article 52 of the United Nations Charter implied that the United Nations systems encouraged regional co-operation both with symbols and with practical steps. The lapses, inefficiencies and ineffectiveness of the Economic Commission for Africa (ECA) in speaking for Africa, gave birth to the Monrovia Declaration in July 1979, and subsequently the Lagos Plan of Action in April, 1980. The Abuja Treaty of June 1991, established the African Economic Community (AEC). Article 6 (2a) of African Economic Community (AEC) Treaty calls for the strengthening of existing sub-regional economic communities and the establishment of such communities in other regions of Africa. In Africa we have the following sub-regional blocs: Economic Community of West African States (ECOWAS), Union Douaniere Equatoriale Et Du Cameroun (UDEAC), South African Development Co-ordinating Conference (SADCC), now South African Development Community (SADC), the demised East African Community (EAC), to mention but a few. All these sub-regional blocs aim at economic co-operation, collective self-sustenance and self-reliance of each sub-region, For instance, Economic Community of West African States (ECOWAS) provides the framework within which collective selfreliance and co-operation among member states of the community could be given concrete expression in line with the New International Economic Order. African states should not solely rely on their demand for the New International Economic Order, rather they should look inwards on how to develop their abundant resources and be self-reliant. All the same, African regional and sub-regional blocs should have common goals, objectives, rules and policies as to maintain regional order and of course, promote world peace and security.

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