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UNCTAD – The Voice of the Poor! 🗣️

Full Form: United Nations Conference on Trade and Development. Established: 1964. HQ: Geneva, Switzerland.

Context:

  • GATT (predecessor of WTO) was dominated by Rich Countries.
  • Developing countries felt ignored.
  • UN created UNCTAD to help them integrate into the global economy.

Aims & Core Features 🎯

  1. Trade & Development: Ensure trade helps poor countries grow, not just rich ones.
  2. Commodities: Stabilize prices of raw materials (Coffee, Cocoa) which poor nations export.
  3. GSP (Generalized System of Preferences):
    • UNCTAD pushed for GSP.
    • Rule: Rich countries should charge Lower Tax on goods from Poor countries.
    • Example: USA charges 0% tax on Bangladeshi shirts, but 10% on French shirts.
UNCTAD vs WTO

WTO: "Free Trade for All" (Equal rules). UNCTAD: "Fair Trade for Poor" (Special rules for developing nations).

Quiz Time! 🎯

Test Your Knowledge

Question 1 of 5

1. UNCTAD stands for:

United Nations Conference on Trade and Development
Union of National Trade and Development
United Nations Centre for Trade
None

💡 Final Wisdom: "UNCTAD is the 'Union Leader' for developing nations. It fights for a fairer deal in the global market." ✊

Next up: WTO (World Trade Organization) - The Referee! 🏁

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