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 ?
SOUNDBITE (English) Mahmoud Elkhafif, UNCTAD, Coordinator of the Assistance to the Palestinian People:
The Unctad plays a major role in supporting developing countries in maximising the benefits of international trade, facing the challenges of globalisation through integrating them into the global economy on an equitable basis, and sustainable development efforts.
UNCTAD membership currently stands at 194 countries, and the organization has observer status in many international entities and cooperates with many academic institutions and non-governmental bodies.
The most controversial paragraph, 17(d), now calls for Unctad to "continue, as a contribution to the work of the UN, research and analysis on the prospects of, and impact on, developing countries in matters of trade and development, in light of the global economic and financial crisis", they affirmed.
The session on development challenges and structural transformation was part of Unctad XIII conference aimed to raise awareness and stimulate debate on development challenges facing countries, with an emphasis on the role of structural transformation in addressing them.
The presentation gathered UNCTAD and RCC representatives, SEEIC economic teams, representatives of private sector, development partners and missions in Geneva, said the RCC.
The Gambian Minister of Trade and Industry and Deputy Director of the Bureau of Foreign Investment Affairs of the United States also addressed meeting as well as a number of representatives of international organizations and member states at the UNCTAD.
The UNCTAD said that the foreign investment in Iran witnesses a 64 percent growth as compared with the previous year.
Chinese companies, in many cases led by state-owned enterprises, were responsible for some $183 billion (163 billion euros) of foreign direct investment (FDI) in 2016, a 44 percent increase over the previous year, UNCTAD figures released on Wednesday said.
While sponsoring the opening ceremony, Mohsen bin Khamis al- Balushi, Advisor at the Ministry of Commerce and Industry said that this course hosted by the Sultanate for the third time comes within a series of seminars that have been agreed upon between UNCTAD and the Sultanate to cover international economic policies.
FDI is also expected to begin recovering in 2017 and 2018, according to estimates from UNCTAD's latest UNCTAD Global Investment Trends Monitor.
The conference was opened by Kenya's President Uhuru Kenyatta in the presence of Ban and UNCTAD Secretary-General Mukhisa Kituyi.