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United Nations Conference on Trade and Development (UNCTAD)

The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. It is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues. The 1970s and 1980s, UNCTAD was closely associated with the idea of a New International Economic Order (NIEO). The United Nations Conference on Trade and Development was established in 1964 in order to provide a forum where the developing countries could discuss the problems relating to their economic development. UNCTAD grew from the view that existing institutions like GATT (now replaced by the World Trade Organization, WTO), the International Monetary Fund (IMF), and World Bank were not properly organized to handle the particular problems of developing countries. UNCTAD has 193 members and is headquartered in Geneva, Switzerland. UNCTAD has
400 staff members

Objectives: The objectives of UNCTAD are: (a) The primary objective of the UNCTAD is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. (b) To accelerate the rate of economic growth of the developing world. (c) To promote international trade and accelerate economic development in developing countries. (d) To formulate principles and policies for solving problems of international trade. (e) To harmonize the trade and related development policies of different member nations with regional economic groupings like SAARC, ASEAN, etc. (f) To reduce and eventually eliminate the trade gap between the developed and developing Countries. Functions: The main Functions of the UNCTAD are: (i) To promote international trade between developed and developing countries with a view to accelerate economic development.

(ii) To formulate principles and policies on international trade and related problems of economic development. (iii) To make proposals for putting its principles and policies into effect, (iv) To negotiate trade agreements. (iv) To review and facilitate the coordination of activities of the other U.N. institutions in the field of international trade. (v) To function as a centre for a harmonious trade and related documents in development policies of governments. Activities: The important activities of UNCTAD include: (a) Research and support of negotiations for commodity agreements. (b) Technical elaboration of new trade schemes. (c) Various promotional activities designed to help developing countries in the areas of trade and capital flows. Achievements: (a) One of the principal achievements of UNCTAD has been to conceive and implement the Generalized System of Preferences (GSP). (b) Integrated program for Commodities. (c) Developing Productive capacities for Least Developed Countries. (d) Commodities Development Facility.

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