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256 International Marketing BRILLIANT'S

development centers. In contrast, the developing ones are lacking of all
these. Therefore, for the speedy developing countries, technology transfer
is necessary. Modern and advanced technology facilitates them to pro-
duce high quality products, which can compete in the international mar-
ket. As a result, it enhances the speedy development of these countries.
8. Export credit refinancing: It means providing loans to those banks
who have financed the exporters of that country. For that, UNCTAD urged
the international financial institutions to provide export credit financing to
under-developed countries. This encouraged the banks to provide more
and more loans to the exporters.
9. Other functions: The other functions of UNCTAD includes:
(a) It stressed on the creation of common Dollar Fund for financing
loss to developing countries on account of fall in prices of their
exports.
(b) It acts as a pressure group on WTO for granting concessions to
under - developed and developing countries.
(c) It focus on global economic co-operation among developed and
developing countries.
(d) It also promotes enterprise development in the developing coun-
tries.
Failure of UNCTAD Failure of UNCTAD
1. Failure in accelerating
At the time of formation of UNCTAD, it growth rate
was thought that it would be the third power- 2. Low share in total
ful international organization after IMF and exports
World Bank. But it was not a complete suc- 3. Less contribution in
cess. Critics said that UNCTAD was merely GNP
flying in the aeroplane of ideas rather than a 4. Failure in establishing
stage of action. link
Thus, the main criticisms of UNCTAD 5. Other failures
are as follows:
1. Failure in accelerating growth rate: The targeted growth rate
set by the UNO was achieved by very few developing countries. The main
reason was the reluctance of developed countries in giving financial and
technical assistance to developing countries. Thus, UNCTAD has failed to
increase the growth rate of developing countries.
2. Low share in total exports: The share of the developing coun-
tries in total world exports was 38.9 percent in the year 2008. It shows
that no concessions was given to the exports of the developing countries
in the markets of developed countries. This was the main reason behind
the unbalancing of trade and debt problem of developing countries.