The kind of impact the countries of the South had on the Cold War is evident with the reaction of the US regarding the Bandung conference. Prior to the conference, the US had made efforts to counter the influence of neutral countries such as that of India and also offered guidance to their allies like Pakistan, Turkey and Philippines. Their main worry with regard to the conference was that they feared being excluded from what they thought would develop into an effective forum, might emerge as a solid bloc at the United Nations( UN) led by China and India but most of all this development threatened to restructure the international society. At Belgrade in 1961, the first conference for the Non-Aligned movement(NAM),it was established that the countries that were a part of it will stay independent from both the Eastern and the Western bloc. The United Nations Conference on Trade and Development (UNCTAD) was founded in 1964, following the demands of the South for establishment of a new institution concerned with the regulation for the North-South exchange. With the formation of the Group of 77(G-77), UNCTAD marked the beginning of a steady cooperation of the developing countries whose membership rose to 131 countries in 1995. NAM played a crucial role in establishing the position of the South in the world through various ways. First, it called for the United nations to be more democratised. It also showed support to the anti-colonial struggles that were still going on in the world, especially against the Portuguese in Africa. The most important contribution of NAM however was it’s call for the ‘New International Economic Order’ (NIEO).The NIEO included demands for the democratisation of global economic institutions, the regulation of foreign investment, better access for developing countries to the markets of the industrialised countries and the protection of ‘economic sovereignty’ (Kristinsson 2012, p.45). The G-77 pursued these objectives at the UN through the UNCTAD. The call for the NIEO was important since it garnered support from all over the Third World despite their Cold war alliances. The intensity and frequency of the economic crises in the early 1970s gave an impetus to the demand of the Global South for the establishment of a ‘New International Economic Order’(NIEO).Global inflation, widespread unemployment, foreign exchange instability and wild fluctuations in raw material prices in recent years have been a clear reflection of the breakdown of the Western dominated postwar monetary and trade systems. (Amuzegar, 1976). An attempt to establish a new North-South partnership was taken by the United Nations Special Session on Raw Materials and Development(1974). They took a resolution for the establishment of a NIEO and designed a Program of Action to implement this resolution. These G>