United Nations Conference on Trade and Development(redirected from Unctad)
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United Nations Conference on Trade and Development
United Nations Conference on Trade and Development (UNCTAD)an international institution which promotes the economic interests of DEVELOPING COUNTRIES by sponsoring INTERNATIONAL COMMODITY AGREEMENTS to improve export earnings on primary foodstuffs and minerals; by negotiating QUOTA and TARIFF reductions on developing countries' exports of manufacturers to the developed world; and by securing economic aid packages for its members.
United Nations Conference on Trade and Development (UNCTAD)a multinational institution established in 1965 to represent the economic interests of the DEVELOPING COUNTRIES and to promote the ideals of the NEW INTERNATIONAL ECONOMIC ORDER.
Unctad's main work is undertaken at a series of conferences, held every four years, and has centred on three areas of particular concern to the developing countries:
- EXPORTS of manufactures, where it has attempted to negotiate TARIFF- and QUOTA-free access to the markets of the developed countries. This is in addition to those concessions obtained through the WORLD TRADE ORGANIZATION (WTO);
- exports of commodities, where it has promoted the extension of INTERNATIONAL COMMODITY AGREEMENTS aimed at stabilizing the export prices of primary products as a means of stabilizing developing countries’ foreign exchange earnings and producers’ incomes;
- ECONOMIC AID, where it has attempted to secure a greater volume of financial assistance and technology transfer from the developed countries.
So far, Unctad has achieved very little, mainly because developed countries have not been prepared to support Unctad initiatives to the fullest extent.
As a result of the growing foreign exchange problems and balance of payments difficulties of developing countries, the INTERNATIONAL MONETARY FUND has established a number of‘special’ funding facilities for those countries.