United Nations Conference on Trade and Development

United Nations Conference on Trade and Development (UNCTAD)

Organ of the United Nations General Assembly, created in 1964 to promote international trade. Its highest policy-making body, the Conference, meets every four years; when the Conference is not in session, the organization is run by its executive body, the Trade and Development Board. UNCTAD's principal functions include the promotion of trade between countries in different stages of development and with different economic systems, initiation of negotiations for trade agreements, and the formulation of international trade policies. In the late 20th and early 21st centuries, UNCTAD's efforts were directed toward the problems created in developing countries by economic globalization, and special attention was given to measures to help the poorest and least-developed countries become integrated into the world economy.