UNO declared 1960-70 as the development decade. In 1961 UNO attempted to increase the income of developing countries with the growth rate of 5% p.a. during that development decade. In July 1960 a conference of developing countries was held at Cairo which resolved to convene a world conference for this purpose. Economic and Social Council of UNO organise a World Trade and Development Conference from March 31, 1964 to July 16, 1964. A worldwide International Trade Policy was determined in this conference. Various issues related to extension of international trade of developing countries were also discussed in that conference. The conference came to be known as UNCTAD-I.
Presently, UNCTAD has become a permanent organisation for promoting international trade with its head quarter at Geneva (Switzerland), Mr. Allec Irwin is its present Chairman. Generally, UNCTAD has its session after four years. IMF has got the permanent representation in all its bodies. This is reason why IMF includes all UNCTAD proposals in its policies. UNCTAD recommendations are only suggestions and no country can be compelled to accept them.
The details of various UNCTAD are as follows:| UNCTAD I | Cairo | Mar 31 - June 16, 1964 |
| UNCTAD II | New Delhi | Feb - March 1968 |
| UNCTAD III | Santiago (Chile) | April - May 1972 |
| UNCTAD IV | Nairobi (Africa) | May 1976 |
| UNCTAD V | Manila (Philippines) | May 7 - June 2, 1979 |
| UNCTAD VI | Belgrade (Yugoslavia) | June 6 - July 3, 1983 |
| UNCTAD VII | Geneva (Switzerland) | 1987 |
| UNCTAD VIII | Cartegina DE Indias (Columbia) | 1992 |
| UNCTAD IX | Midrand (Africa) | April 27 - May 11, 1996 |
| UNCTAD X | Bangkok (Thailand) | Feb 12 - Feb 19, 2000 |
| UNCTAD XI | Sao-Paulo (Brazil) | June 13 - June 18, 2004 |
| UNCTAD XII | Accra (Ghana) | April 20 - April 25, 2008 |
Objectives of UNCTAD
- To promote international trade specially with the view to accelerating the economic development of underdeveloped countries.
- To determine policies and principles for international trade and economic development.
- To propose the strategy for implementing pre-approved principles and policies.
- To assist Economic and Social Council of the UNO.
- To provide a suitable platform for trade dialogues.
Though UNCTAD is functioning as a permanent agency of the UNO, but its membership is fully optional. Any country may join or quit UNCTAD.
The functioning of UNCTAD on democratic principles every member has only one voting right. For general disputes, simple majority among present members but two third majority is needed for important issues.
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