This article has been written by Ms. Madhumita Barik a final year LLM student of Adamas University.

ABSTRACT:

 UNCTAD delivers policy advice, capacity building, and technical assistance to support the formulation and implementation of trade and development policies. It places a strong emphasis on sustainable development and promotes legislation that take into account social, economic, and environmental factors. UNCTAD also seeks to increase developing nations’ involvement in international trade and financial decision-making processes. UNCTAD helps to shape a more inclusive and balanced global trade system through research papers, conferences, and capacity-building activities. It has a crucial role in promoting understanding and collaboration across countries with different economic situations. The United Nations Conference on commerce and Development, or UNCTAD, promotes global commerce and development in a variety of ways. UNCTAD was founded in 1964 and serves as a forum for member nations to converse, exchange knowledge, and work together to solve the possibilities and problems related to international trade. One of its main goals is to advance an inclusive and equitable international trading system that is especially advantageous to developing countries. Undertaking research and analysis on diverse facets of trade and development is one of UNCTAD’s primary responsibilities. UNCTAD offers useful insights into new trends, policy consequences, and possible areas for enhancement in international trade practices through publications, research, and statistical data. This knowledge repository supports evidence-based international policymaking in addition to providing information to member nations.

KEYWORDS: United Nations Conference on Trade and Development, Trade, Development, Technology, Sustainable development.

INTRODUCTION: UNCTAD regularly participates in initiatives for technical assistance and capacity building, with a focus on developing nations. Through providing knowledge and direction, UNCTAD assists these countries in strengthening their institutions, navigating intricate trade agreements, and improving their trade-related capacities. In order for developing economies to more successfully integrate into the world trading system, this support is essential. UNCTAD’s mandate also includes addressing structural imbalances in the world economy. The group supports laws that lessen trade imbalances and advance environmentally friendly growth. Fair pricing, ethical investing, and steps to lessen the detrimental effects of trade on disadvantaged communities are all included in this. In international forums and trade discussions, UNCTAD is also quite important. It gives member nations a forum to express their worries, stand up for their rights, and take part in conversations that influence international trade laws. This diplomatic role helps to foster a commercial climate that is more inclusive and egalitarian. UNCTAD also stresses how crucial it is to match trade with more general development objectives. The group supports policies that promote social inclusion, environmental sustainability, and economic growth by acknowledging the interdependence of trade with social, economic, and environmental factors.

• The focal point of the UN for trade and development as well as related matters in the fields of investment, technology, finance, and sustainable development is the United Nations Conference on Trade and Development (UNCTAD).
• Its objective is to assist developing nations—especially the least developed and those undergoing economic transition—in their profitable integration into the world economy.
• Additionally, it aims to support international cooperation in promoting a global partnership for development, enhancing coherence or consistency in the formulation of international economic policies, and ensuring that trade benefits everyone’s growth.
• UNCTAD conducts cutting-edge research and analysis on both established and emerging development concerns.
• It organizes the agreement on initiatives to support national and international methods and policies that are beneficial to development and helps nations implement their development plans.
• UNCTAD’s specialized work stream includes: participating in international discussions about globalization and how developing nations are affected by it;
• attempting to reach agreements, build capacity, and foster collaborations for trade law, trade policy, commerce in goods and services, consumer protection, and handling challenges that arise at the nexus of trade, environment, and climate change,
• supplying global knowledge in the areas of research and policy analysis, intergovernmental consensus-building, technical support for business and investment, and
• enhancing trade logistics, human resource development, innovation and science-based economic growth and competitiveness in emerging nations.

FUNCTIONS OF THE UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD):

1. To promote international trade between established and developing nations, each of which has its own unique socioeconomic structure and is particularly important given the rapidly expanding underdeveloped nations.

2. To create the guiding ideas and regulations for global commerce and issues pertaining to economic growth.

3.To propose ways to implement the aforementioned objectives and principles and to enact any necessary steps in this respect.

4. To usually analyse and permit the co­ordination of operations of various institutions under the fold of the United Nations in respect to international trade and economic growth.

5. To serve as a hub for nations and regional economic groups to implement harmonized trade-related policies in accordance with Article 7 of the UN Charter.

Goals of UNCTAD, the United Nations Conference on Trade and Development:

UNCTAD’s top objective is developing policy in a variety of areas, including trade, technology, finance, aid, and transportation. The conference typically takes place every four years, with Geneva serving as the permanent secretariat of UNCTAD.

1. UNCTAD conducts research, gathers data, and evaluates policy.
2. UNCTAD, with its work on the national and international levels, wants to aid countries to: Understand possibilities to cope with macro-level growth difficulties.
3. Obtain advantageous admittance into the world trade network.
4. Diversify the economy to reduce dependency on commodities.
5. lessen their reliance on debt and erratic spending.
6. Increase the development-friendliness by drawing in additional funding.
7. bolster digital domain-related technology.
8. Give entrepreneurship and innovation more of a push.
9. Assist regional businesses in ascending the value chain.
10. Facilitate the flow of products between countries.
11. Prevent mistreatment of customers.
12. Verify the relevant clauses again to make sure the competition isn’t hindered.
13. Make effective use of natural resources that might help adapt to climate change.

PARTICIPANTS IN THE UNCTAD (UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT)

• UNCTAD had 195 member nations as of May 2018.
• The six unassigned members of UNCTAD are Armenia, Kiribati, Nauru, South Sudan, Tajikistan, and Tuvalu. The remaining members of UNCTAD are split into four lists based on these divisions.
• The majority of the nations on List A are members of the UN’s Africa and Asia-Pacific Groups.
• The nations of the Western European and Other Group are included in List B.
• The nations that make up the Group of Latin American and Caribbean States (GRULAC) are listed in List C.
• The nations on List D are members of the Eastern European Group.

UNCTAD’S (UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT) ACCOMPLISHMENTS:

• UNCTAD has designed and implemented the Generalized System of Preferences (GSP), one of its key achievements. The GSP program, which was created by the developed countries, allows firms to import and export specific agricultural products from developing nations duty-free or at a discount to the developed nations.
• Additionally, it aims to lower the debt load of developing nations that have taken out sizable loans from bilateral and multilateral financial institutions.
• The need of technology transfer to LDCs (Last Developed Countries) was emphasized at the fourth UNCTAD meeting, which took place in Belgrade in June 1983. This would help LDCs grow more quickly and independently. In relation to technology transfer to LDCs, UNCTAD passed a resolution along the lines of the policy document approved at the organization’s fourth summit.
• The need to promote international cooperation and self-reliance among the LDCs was first highlighted at the second UNCTAD meeting, which took place in Delhi in 1968.

The Reports published by United Nations Conference on Trade and Development (UNCTAD)

Below is a list of the international reports that UNCTAD has released:

The Report on Trade and Development

UNCTAD’s Trade and Development Report (TDR), first presented in 1981, is published annually in time for the Trade and Development Board’s annual meeting. The paper provides ideas and recommendations for addressing these concerns at different levels after reviewing the major policy issues of global concern and the current economic developments.

The Review of Trade and Environment

The UNCTAD Trade and Environment Review evaluates the tangible consequences of climate change and how they affect developing nations’ economies and trade; it also looks at how vulnerable these nations are to climate change, how much it will cost to adapt to it, and how they can increase their trade-climate readiness—that is, how resilient their trade is to climate change—by taking adaptation measures and diversifying their economies.

The Global Investment Study

The UNCTAD World Investment Report focuses on global trends in foreign direct investment (FDI) at the national, regional, and local levels as well as new initiatives to increase FDI’s contribution to development and progress.

The Report on the Least Developed Countries

This annual study provides a comprehensive and reliable source of socio-economic data and analysis on the most impoverished nations in the world. It is meant for a wide audience of governments, decision-makers, scholars, and everyone else interested in the growth policies of the LDCs. Basic information on the LDCs is included in the statistical appendix of each report.

The Report on Economic Development in Africa

The annual report looks at the key aspects of Africa’s economic development as well as important policy concerns for African nations. It offers policy recommendations for implementation by African nations and the international community to address the development obstacles the continent confronts.

UNCTAD Data

The UNCTAD Handbook of Statistics provides a wealth of data and measures suitable for analysing growth, investment, international commerce, and marine transportation.

The Report on Technology and Innovation

The impact of frontier technologies on nations based on their income and rate of growth is examined in this UNCTAD research. Eleven such frontier technologies—that is, important future technologies—are covered in the report. These include big data, blockchain, 5G, artificial intelligence (AI), 3D printing, robots, drones, gene editing, nanotechnology, and solar photovoltaic (solar PV).

The Information Economy Report was replaced by the Digital Economy Report.

The Digital Economy Report, formerly known as the Information Economy Report, tracks developments in policies and practices related to the availability, application, and impact of digital technologies within the framework of development. It provides policymakers with recommendations and alerts development stakeholders in emerging nations.

The Information Economy Report was replaced by the Digital Economy Report.

The Digital Economy Report, formerly known as the Information Economy Report, tracks developments in policies and practices related to the availability, application, and impact of digital technologies within the framework of development. It provides policymakers with recommendations and alerts development stakeholders in emerging nations.

The Annual Review of International Accounting and Reporting Issues

The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) was established in 1982 by the member states of the United Nations to address accounting and financial reporting concerns continuously and inclusively. The proceedings of the various ISAR sessions are published in the Review of International Accounting and Reporting Issues series, together with articles by leading authorities on the application of international accounting standards and the state of the international standard-setting process today.

CONCLUSION

In conclusion, promoting international trade and development policies is greatly aided by the United Nations Conference on Trade and Development (UNCTAD). By offering a venue for debate, research, and capacity-building, UNCTAD encourages collaboration among states, particularly concentrating on the needs of developing countries. UNCTAD assists in the creation of trade policies that effectively address the difficulties encountered by developing countries and advance equitable and sustainable development through its analytical work and policy recommendations. The organization’s dedication to fostering a more equitable global economic environment is demonstrated by its emphasis on systemic concerns, technology transfer, and fair and transparent trade practices. As we go forward, maintaining backing for UNCTAD’s objectives is crucial to guaranteeing a profitable and balanced international trade system that helps all countries, promoting economic development and lowering disparities.

References

1. It is written by Geneva, Switzerland, 16 April 1996 in this site https://unctad.org/press-material/united-nations-conference-trade-and-development-hold-high-level-ministerial  

2. This article is originally published in byjus                                  https://byjus.com/free-ias-prep/united-nations-conference-trade-development-unctad/

3. This article is written by Smriti Chand       https://www.yourarticlelibrary.com/trade-2/united-nations-conference-on-trade-and-development-unctad/23537.