United Nations Conference on Trade and Development

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United Nations Conference on Trade and Development

Also called UNCTAD. An organization created by the United Nations in 1964 and charged with increasing international trade and investment, especially in developing countries. It was responsible for implementing the Generalized System of Preferences, which exempted some developing countries from WTO trade requirements.

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:

  1. 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);
  2. 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;
  3. 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.

References in periodicals archive ?
They stated that developed countries even pushed hard to try to prevent the final document from reaffirming the Accra Accord of the previous Unctad XII conference.
UNCTAD said optimism that the worst of the crisis was over had encouraged companies to revise investment programmes, with some 58 percent saying they would boost FDI in 2011-12.
UNCTAD also contended that to revive the Palestinian tradable goods sector, the eroded productive base must be replenished as well as reducing transaction costs.
At the UNCTAD forum, the United States will be represented by U.
UNCTAD thus proposes the fourth option: setting up an international insolvency procedure whereby a country unable to service its foreign debts can declare a standstill on payment and be allowed time to work out a restructuring of its loans, whilst creditors would agree to this "breathing space" instead of trying to enforce payment.
He called on the UNCTAD to bridge Vietnam and other developing nations, including those from Africa, through the tri-party cooperation model, while hailing the UNCTAD s continuous technical assistance for the country in trade and foreign investment.
MENA Centre for Investment launched the global report in a press conference, in cooperation with the Bahrain Economic Development Board (EDB) and in association with UNCTAD.
In its report, UNCTAD economists identify funds lost through use of tax avoidance by multinational companies and tax havens by wealthy individuals as a possible source of revenue to finance these policies.
An official UAE delegation led by the Ministry of Economy participated in the United Nations Conference on Trade and Development, or Unctad, Public Symposium that was held recently at the Palais de Nation in Geneva, Switzerland.
Abdelmehsin Al-Medij in the UN's ceremony marking the 50th anniversary of the UNCTAD.
UNCTAD research has shown they are 30% more economically vulnerable than non-SIDS developing countries.
A number of UNCTAD and national experts, as well as representative of the public and private organizations will take part in the seminar.