The purpose of the organization
It was in 1964 that the United Nations Conference on Trade and Development (UNCTAD) was founded as a permanent intergovernmental entity via its establishment. The primary body within the United Nations Organization that deals with matters pertaining to commerce, investment, and development is the Economic and Social Council.
UNCTAD works to facilitate the integration of developing nations into the global economy in a manner that is conducive to development. The United Nations Conference on Trade and Development (UNCTAD) has gradually transformed into an authoritative knowledge-based institution. The UNCTAD’s work aims to contribute to shaping current policy debates and thinking on development, with a particular emphasis on ensuring that domestic policies and international action are mutually supportive in the process of bringing about environmental sustainability.
The primary objectives of the organization are “maximise the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis.” The worries of developing countries over the worldwide market, multinational firms, and the significant gap that exists between developed and developing nations were the impetus for the establishment of the conference.
During the 1970s and 1980s, the United Nations Conference on Trade and Development (UNCTAD) was strongly identified with the concept of a New International Economic Order (NIEO).
The United Nations Conference on Trade and growth (UNCTAD) was created in 1964 with the purpose of providing a platform for developing nations to debate issues that are related to their economic growth. UNCTAD was established on the basis of the belief that existing organizations, such as the General Agreement on Tariffs and Trade (GATT), which has since been superseded by the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank, were not adequately structured to address the specific challenges faced by developing nations.
The United Nations Conference on Trade and Development (UNCTAD) has as its principal mission the formulation of policies concerning all elements of development, including trade, aid, transportation, finance, and technology. It is typical for the Conference to get together once every four years. It was in Geneva in 1964 that the first conference was held, followed by the second conference in New Delhi in 1968, the third conference in Santiago in 1972, the fourth conference in Nairobi in 1976, the fifth conference in Manila in 1979, the sixth conference in Belgrade in 1983, the seventh conference in Geneva in 1987, the eighth conference in Cartagena in 1992, and the ninth conference in Johannesburg (South Africa) in 1996. Geneva serves as the location of the permanent secretariat for the Conference.
The Generalized System of Preferences (GSP) is one of the most significant accomplishments that the United Nations Conference on Trade and Development (UNCTAD) has accomplished. At the United Nations Conference on Trade and Development (UNCTAD), it was suggested that in order to encourage the export of manufactured products from developing nations, it would be essential to provide particular tariff reductions to exports of these commodities.
Following the acceptance of this reasoning, the developed nations came up with the Generalized System of Preferences (GSP) Scheme. This scheme allows certain agricultural products and the exports of manufacturers from developing countries to enter the developed countries duty-free or at discounted rates. In light of the fact that imports of such commodities from other developed nations are subject to the standard rates of tariffs, imports of the same items from developing countries would have a competitive advantage.
In order to accomplish its purpose, the organization strives to carry out three important functions: – It serves as a venue for inter-governmental discourses, which are supported by conversations with experts and exchanges of experience, with the goal of constructing a consensus.
In preparation for the discussions that will take place between government representatives and experts, it conducts research, analyses policies, and collects data.
The organization offers technical support that is specifically targeted to meet the requirements of developing nations, with a particular focus on the requirements of the least developed countries and economies that are in the process of transitioning. There are times when the United Nations Conference on Trade and Development (UNCTAD) works together with other organizations and donor nations to provide technical support. The secretariat collaborates with member governments and interacts with organizations that are part of the United Nations system and regional commissions. Additionally, it collaborates with governmental institutions, non-governmental organizations, the private sector, including trade and industry associations, research institutes, and universities all over the world in order to carry out its functions.
At the moment, the United Nations Conference on Trade and Development (UNCTAD) has 194 member nations and its headquarters are located in Geneva, Switzerland. During the 2010-2011 fiscal year, the United Nations Conference on Trade and Development (UNCTAD) has a normal budget of $138 million in core budget expenditures and $72 million in extra-budgetary technical assistance funding. Their personnel number is 400. The United Nations Development Group is another organization that it is a member of. There is a list of non-governmental organizations that are taking part in the activities that are being carried out by UNCTAD.