UNO declared 1960-70 as Development Decade. In 1961 UNO attempted to increase the income of developing countries with a growth rate of 5% p.a. during this development decade. In July 1962, a conference of developing countries was held at Cairo, which resolved to convene a World Conference for this purpose. Economic and Social Council of the UNO called a World Trade and Development Conference, which was held between March 31, 1964 and June 16, 1964. A worldwide international trade policy was determined in this conference. Various issues related to extension of international trade of developing countries were also discussed in this Conference. This Conference came to be known as UNCTAD.
Functions of UNCTAD:
i) To promote international trade all eve; the world-between developed and developing countries with different socioeconomic systems, and thus to accelerate economic development.
ii) To formulate principles and policies on international trade and related problems of economic development.
iii) To make proposals for putting the said principle and policies into effect.
iv) Generally, to review and facilitate the co-ordination of activities of the other institutions within the U.N. system in the field of international trade.
v) To be available as a centre for harmonious trade and related documents in development policies of governments.