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Comprehensive Essay on UNCTAD

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Comprehensive Essay on UNCTAD

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The developing countries were greatly dissatisfied with the working of the GATT. The principles and procedures underlying it were regarded as the fundamental cause of the weak bargaining position (in tariff reduction negotiations) of the less developed countries. Thus, though, GATT had made a very significant contribution to the

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liberalization of international trade in the postwar era, it was condemned since most of its benefits accrued to the advanced nations. Hence, it was desired to have some new institutional arrangements of international economic co-operation to deal with problems of world trade and development, especially, those which may reduce the 'trade gap' of developing countries. Consequently, the UNCTAD was created. The first United Nations Conference on Trade and Development (UNCTAD) met in March 1964 in Geneva. It was an ad hoc gathering of...