United Nations Conference on Trade and Development

▪ international organization

      permanent organ of the United Nations (UN) General Assembly, established in 1964 to promote trade, investment, and development in developing countries. Headquartered in Geneva, Switzerland, UNCTAD has approximately 190 members.

      Negotiations at UNCTAD's meetings resulted in the Global System of Trade Preferences (1988), an agreement that reduced tariffs and removed or reduced nontariff trade barriers among participating developing countries; the Common Fund for Commodities (1989), an intergovernmental financial institution that provides assistance to developing countries that are heavily dependent on commodity exports; and various agreements for debt relief. In the 1990s UNCTAD's efforts were directed toward the challenges globalization poses to developing countries, and special attention was focused on measures to help the poorest and least developed countries become integrated into the world economy.

      The highest policy-making body of UNCTAD is the Conference, which meets once every four years to set policy guidelines and to formulate a program of work. The UNCTAD Secretariat, whose members form part of the UN Secretariat, performs policy analysis, monitors and implements the decisions of UNCTAD's intergovernmental bodies, and provides for technical cooperation and exchanges of information. It comprises four divisions—on globalization and development strategies; international trade; investment, technology, and enterprise development; and services infrastructure—as well as the Office of the Special Co-ordinator for Least Developed, Land-locked, and Island Developing Countries (OSC-LDC). The Trade and Development Board, UNCTAD's executive body, is responsible for the operations of the organization when the Conference is not in session.

Karen Mingst

 

* * *