United Nations Conference On Trade And Development (UNCTAD)
UNO declared 1960-70 as Development Decade. In 1961 UNO attempted to increase the income of developing countries with a growth rate of 5% p.a. during that development decade. In July 1962, a conference of developing countries was held at Cairo which resolved to convene a World Conference for this purpose. Economic and Social Council of the UNO organized a World Trade and Development Conference from March 31, 1964 to June 16, 1964. A worldwide international trade policy was determined in this conference. Various issues related to extension of international trade of developing countries were also discussed in that Conference. The Conference came to be known as UNCTAD-I. Presently, UNCTAD has become a permanent organization for promoting international trade. Its headquarter is at Geneva (Switzerland), Mr. Allec Irwin is its present Chairman. Generally, UNCTAD has its session after every 4 years. IMF has got the permanent representation in its all bodies. This is the reason why IMF includes all UNCTAD proposals in its policies. UNCTAD recommendations are only suggestions and no country can be compelled to accept them. The details of various UNCTAD are as follows:
Objectives of UNCTAD
- To promote international trade especially with a view to accelerating the economic development of underdeveloped countries.
- To determine policies and principles for international trade and economic development.
- To propose the strategy for implementing pre-approved principles and policies.
- To assist Economic and Social Council of the UNO.
- To provide a suitable platform for trade dialogues.