The general dissatisfaction of the developing countries with the GATT and the need for new international co-operation in the field of trade and aid to reduce the trade gap of developing countries led to the establishment of the United Nation Conference on Trade and Development (UNCTAD) as a subsidiary organ of the United Nation in December, 1964. The first United Nations Conference on Trade and Development (UNCTAD-1) was attended by About 120 member countries. The head-quarters of UNCTAD are in Geneva in Switzerland.
Aim of UNCTAD: The principal aim of UNCTAD is to promote international trade so as to accelerate the economic growth of underdeveloped countries and to bring them in line with the advance countries.
