UNITED NATIONS CONFERENCEON 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 ofthe 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. Allee 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.