UNCTAD

UNCTAD Latest News

UNCTAD warns of economic fragmentation, and stresses global cooperation to prevent trade disruption and ensure long-term growth.

About UNCTAD

• Headquartered in Geneva, Switzerland, UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. 
• It supports developing countries to access the benefits of a globalized economy more fairly and effectively.
• It provides economic and trade analysis, facilitates consensus-building and offers technical assistance to help developing countries use trade, investment, finance and technology for inclusive and sustainable development.
• It is part of the UN Secretariat. It reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership, and budget. It is also part of the United Nations Development Group.
• Key Developments:
  • The first United Nations Conference on Trade and Development (UNCTAD) was held in Geneva in 1964.
  • In 1989, the Agreement on the Global System of Trade Preferences among Developing Countries (GSTP) came into force. It provided for the granting of tariff as well as non-tariff preferences among its members. To date, the Agreement has been ratified by 44 countries.
  • The conclusion of the Uruguay Round of trade negotiations under the GATT resulted in the establishment of the World Trade Organizationin 1995, which led to a strengthening of the legal framework governing international trade.
  • It highlighted the need for a differentiated approach to the problems of developing countries. Its tenth conference, held in Bangkok in February 2000, adopted a political declaration – “The Spirit of Bangkok” – as a strategy to address the development agenda in a globalizing world.
• Reports published by UNCTAD:
  • Trade and Development Report
  • World Investment Report
  • The Least Developed Countries Report

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UNCTAD FAQs

Q1. What does UNCTAD mean?

Ans. UNCTAD stands for United Nations Conference on Trade and Development.

Q2. Where is the UNCTAD headquarters?

Ans. The headquarters of UNCTAD is located in Geneva, Switzerland.

Q3. What is the UNCTAD used for?

Ans. UNCTAD promotes trade, economic development, finance, technology, investment, and sustainable development for developing countries.

Q4. Why was UNCTAD established?

Ans. UNCTAD was established in 1964 to address trade and economic development challenges faced by developing countries inadequately handled by existing institutions

Source: TH