What's Happening?
The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 to promote international trade and economic development in developing countries. The initiative began after World War II, culminating in the Conference on Problems of Developing Countries in Cairo in 1962. The Cairo Declaration advocated for a conference to expand trade relations between developing and developed nations. UNCTAD was created to address the significant linkage between international trade and development, aiming to expand trade opportunities for developing countries.
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Why It's Important?
UNCTAD plays a vital role in supporting developing countries by promoting trade policies that enhance their economic development. By facilitating trade relations between developing and developed nations, UNCTAD helps bridge economic disparities and fosters global economic growth. The organization's efforts to create policies that favor developing countries can lead to increased trade opportunities, ultimately contributing to poverty reduction and sustainable development.
