United Nations Conference on Trade and Development (UNCTAD)

United Nations Conference on Trade and Development (UNCTAD) was established in 1964, with its secretariat in Geneva Switzerland. It is to complement the activities of the General Agree Tariffs and Trade (GATT) which lay down rules and regulation for international trade.

GATT favoured the industrialized nations with developing countries experiencing deficit balance of payment thus UNCTAD was established with the aim of helping developing countries solve their balance of payment deficit, promoting international trade, aiding economic development, especially in developing countries.

Objectives of the United Nations Conference on Trade and Development (UNCTAD)

i. To implement the (GSP) Generalized System Preference

ii. To reduce the gap between developed and the developing countries

iii. To improve the rate of economic growth 

iv. To maximise the rate of trade among nations

v. To formulate policies relating to all aspects of development