Charter of Economic Rights and Duties of States
Charter of Economic Rights and Duties of States : An initiative launched at the United Nations Conference on Trade and Development (UNCTAD) III (1972) ostensibly aimed at protecting the economic rights of all countries, but really promoting a change in what was seen as the ntrenched lower status of developing countries in the international economic system. The draft Charter, originally intended to be binding on signatories and to become part of international law, was adopted by the United Nations General Assembly as Resolution 3281 (XXIX) on 12 December 1974. The Charter has 34 articles grouped in four chapters. Chapters I and II set out principles that should govern the fundamentals of international economic relations among States. These include: mutual and equitable benefit; peaceful coexistence; equal rights and self-determination of peoples; peaceful settlement of disputes; respect for human rights and fundamental freedoms; promotion of international social justice; international cooperation for development; the right to choose economic, political, social and cultural systems in accordance with the will of the people; responsibility of the State to promote the economic, social and cultural development of its people; cooperation in achieving a more rational and equitable system of international economic relations; responsibility to cooperate in the economic, social, cultural, scientific and technological fields; cooperation to improve the efficiency of international organizations; the right to participate in subregional, regional and inter-regional cooperation in the pursuit of development; the right and duty to eliminate colonialism, racial discrimination, neo- colonialism and all forms of foreign aggression; the duty to cooperate internationally for development; developing countries to strengthen their economic cooperation and expand their mutual trade to accelerate their economic and social development; the duty to coexist in tolerance and live together in peace. Chapter III details in two sections the common responsibilities of States towards the international community, i.e. towards each other. Considerable debate developed over the legal standing of the Charter, but it slowly faded away as an international issue in any case. Some are of the view that although the Charter failed to bring about the intended changes in international economic relations, the controversy over it ensured that the concerns of developing countries would be given more attention in future
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