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BRILLIANT'S Export Management 253

Further, there are 3 committees viz, the committee on Trade and
Development (CTD), the Committee on Balance of Payments Restrictions
(CBOPR) and the committee on Budget, Finance and Administration (CBFA)
which excludes the functions assigned to them by the WTO agreement
and the GC.
The Administration of the WTO is conducted by the secretariat which
is headed by the Director General (DG) appointed by the MC for the ten-
ure of 4 years. He is assisted by the four Deputy Directors from different
member countries. The annual budget estimates and financial statement
of the WTO are presented by the DG to the CBFA for review and recom-
mendations for the final approval by the G.C. 
UNCTAD

Q.39. Write an essay on functioning of “UNCTAD”. [The UN confer-
ence on Trade and Development] [MBA 2012]
OR
Write a short note on UNCTAD. [MBA (FT) 2007, 05, 04]
OR
Write the objectives and functions of United Nations Confer-
ence on Trade and Development.
Introduction
The United Nations Conference on Trade and Development (UNCTAD)
was established in 1964 by the United Nations Organization (UNO). The
main reason behind its establishment was to promote the international
trade and economic development of less developed and developing coun-
tries. The International financial institutions, such as, World Bank, Inter-
national Monetary Fund (IMF), International Finance Corporation, etc. were
working in this field, prior to the establishment of UNCTAD.
General Agreement on Tariffs and Trade (GATT) was the institution
established before UNCTAD. It was later replaced by World Trade Organi-
zation (WTO). It failed in the economic development of the poor countries.
As a result, the GATT was criticized and these international bodies were
named as "rich nations club". The GATT did not give any concessions to
developing countries in trade with developed countries and also failed to
tackle the trade and development problems of developing countries.
Therefore, a conference was held by developing countries in Cairo in
July 1962. The main objective of this conference was to discuss the prob-
lems of trade and development of the developing nations. As a result, the
Cairo - Declaration on Development of Developing Countries' was passed
and an organization named 'International Trade Organization' (ITO) was