UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

(UNCTAD) permanent organ of the UN General Assembly, instituted to promote international trade, especially with a view to accelerating economic development. It was established by an act of a United Nations Conference on Trade and Development, which met in Geneva in MarchJune 1964 chiefly to consider the trade needs of the developing countries. The Conference meets every four years. UNCTAD's principal functions include the promotion of trade between countries in different stages of development and with different economic systems, the initiation of action for the negotiation of trade agreements, and the formulation of international trade policies. A Trade and Development Board, consisting (since 1976) of representatives of all countries belonging to UNCTAD, is responsible for UNCTAD's functions when the conference is not in session.