UNCTAD = united nations conference on trade & development

Posted: July 14, 2010 in INO
  1. the decade of 1960-70 was declared as development decade by UNO.
  2. in the year 1961 UNO attempted to increase the income of developing countries with a growth rate of 5% p.a. during that development decade.
  3. a conference of developing countries was held at Cairo in 1962, which resolved to convene a world conference for this purpose.
  4. economic & social council of the UNO organized a world trade & development conference from march-june 1964.
  5. a world-wide international trade policy was determined in this conference.
  6. various issues related to extension of international trade of developing countries were also discussed in that conference.
  7. the conference was known as UNCTAD-I’.

i)                    at present, UNCTAD  has become a permanent organization for promoting international trade.

ii)                  Its HQs is situated at Geneva.

iii)                Usually, UNCTAD has its session after every 4 years.

iv)                 IMF has got the permanent representation in all its bodies.

v)                   This is the reason why IMF includes all UNCTAD proposals in its policies.

vi)                 UNCTAD recommendations are only suggestions & no country can be forced to accept them.

Membership of UNCTAD:

i)                    Any country can join or withdraw the UNCTAD membership since its membership is fully optional.

ii)                  The working of UNCTAD  is based on democratic principles.

iii)                Every member has only one voting right.

iv)                 For general disputes, simple majority is required among present members but 2/3rd majority is required for important issues.

Objectives:

  1. to determine policies & principles for international trade & economic development.
  2. to promote international, especially with a view to accelerating the economic development of underdeveloped countries.
  3. to propose the strategy for implementing pre-approved principles & policies.
  4. to provide a suitable platform for trade dialogues.
  5. to assist economic & social council of the UNO.
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