On 1 May 1974, the New International Economic Order (NIEO), expressed as a Declaration and Programme of Action, was passed without a vote at the Sixth Special Session of the United Nations General Assembly (UNGA). On 12 December 1974, the UNGA adopted the Charter on the Economic Rights and Duties of States (CERDS). The New International Economic Order, in the terms of the Declaration, was to be “based on equity, sovereign equality, interdependence, common interest, and cooperation among all states, irrespective of their economic and social systems which shall correct inequalities and redress existing injustices, make it possible to eliminate the widening gap between developed and developing countries, and ensure steadily accelerating economic and social development and peace and justice for present and future generations”.