UN General Assembly
1974

4. The Assembly also pronounced itself on the need to regulate and supervise the activities of transnational corporations by taking measures in the interest of the national economies of the countries where such transnational corporations operate, on the basis of the full sovereignty of those countries; and finally, among other matters, the Assembly declared itself in favor of a just and equitable relationship between the prices of raw materials, primary commodities, and manufactured goods exported by developing countries and the prices of raw materials, primary commodities, manufactured goods, capital goods and imported equipment, with the aim of bringing about sustained improvement in the unsatisfactory terms of trade and the expansion of the world economy. 5. This resolution was adopted on 1 May 1974 as the basis for the establishment of a new international economic order. But only six months later, some of the countries which participated in the adoption of that resolution want to jettison the historic Declaration on the Establishment of a New International Economic Order which it contains.