UNCTAD: Functions, Aims & Objectives of United Nations Conference on Trade and Development

The United Nations Conference on Trade & Development

The formation of United Nations Conference on Trade and Development UNCTAD in 1964 was initiated by the less developed nations of the world, the majority of which are members of the United Nations. Its headquarters is located in Geneva, Switzerland. Since its inception in 1964, it has been holding full sessions at least once in every four years.

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

• To aid the rapid industrialization process in the less developed nations of the world.
• To assist less developed countries increase their share of global trade.
• To persuade the developed nations to prop up their aid programmes in the less developed countries.
• United Nations Conference on Trade and Development (UNCTAD) provides an opportunity for less developed countries to meet to discuss matters of great concern to them especially on international economy.

Such matters include fluctuations in incomes on primary products, decline in commodity terms of trade of those countries, and trade restrictions imposed on exports of less developed countries into the markets of the advanced nations of the world.