The United Nations Conference on Trade and Development (UNCTAD) is an intergovernmental organization within the United Nations Secretariat that promotes the interests of developing countries in world trade. It was established in 1964 by the United Nations General Assembly (UNGA) and reports to that body and the United Nations Economic and Social Council (ECOSOC). UNCTAD is composed of 195 member states and works with nongovernmental organizations worldwide; its permanent secretariat is in Geneva, Switzerland.
The primary objective of UNCTAD is to formulate policies relating to all aspects of development, including trade, aid, transport, finance and technology. It was created in response to concerns among developing countries that existing international institutions like GATT (now replaced by the World Trade Organization), the International Monetary Fund (IMF), and the World Bank were not properly organized to handle the particular problems of developing countries; UNCTAD would provide a forum where developing nations could discuss and address problems relating to their economic development.
One of UNCTAD's principal achievements was conceiving and implementing the Generalized System of Preferences (GSP), which promotes the export of manufactured goods from developing countries. In the 1970s and 1980s, UNCTAD was closely associated with the New International Economic Order (NIEO), a set of proposals that sought to reduce economic dependency and inequality between developing and developed countries.
UNCTAD's work focuses on several key areas:
Trade and Development: UNCTAD analyzes and monitors trends in international trade, providing policy analysis and recommendations to help developing countries better integrate into the global trading system. This includes addressing issues related to trade negotiations, trade policies, and trade facilitation.
Investment and Enterprise: UNCTAD works to promote investment flows to and within developing countries, as well as to enhance the development impact of investment. This includes providing technical assistance to countries to improve their investment climates, attract foreign direct investment (FDI), and promote responsible investment practices.
Finance and Development: UNCTAD analyzes global financial and monetary issues and their implications for development, including issues related to debt, capital flows, financial stability, and access to finance for development.
Technology and Innovation: UNCTAD assists developing countries in harnessing technology and innovation for development, including through capacity-building, policy advice, and promoting partnerships between governments, the private sector, and other stakeholders.
Commodities: UNCTAD conducts research and analysis on commodity markets and commodity-dependent developing countries, aiming to improve their competitiveness, enhance their value addition, and promote sustainable development in commodity sectors.
Sustainable
Development Goals (SDGs): UNCTAD supports countries in their
efforts to achieve the Sustainable Development Goals, particularly those
related to trade, investment, finance, technology, and sustainable development.
