Functions of UNCTAD

The UNCTAD was established in 1964 in order to provide a forum where the developing countries could discuss the problems relating to their international trade and economic development. This was set up especially relating to their international trade and economic development. This was set up especially because it was felt that the then existing institutions like GATT and IMF were not properly organist to handle the particular problems of the developing countries. With more than 70 members, UNCTAD is the only body where developed as well as the erstwhile centrally planned countries are members.
The primary objective of UNCTAD is to formulate policies relating to aspects of development including trade, aid, transport, finance and technology. UNCTAD action programmes and priorities are based on every country has the sovereign right freely to dispose of its national resources in the interest of its economic development and well being of its people and freely to trade with other countries.