Founding of UN Trade and Development

The United Nations Conference on Trade and Development, or UNCTAD, was created in 1964 when the first conference was held in Geneva, and the General Assembly then made it a permanent organ. It was set up largely at the urging of developing countries, which argued that existing trade rules favored industrial nations. The Argentine economist Raúl Prebisch was its first secretary-general. The group of developing countries that acted together at the conference became known as the Group of 77. UNCTAD does research and analysis on trade, investment and development, helps poorer countries take part in the global economy and organizes major conferences every four years.

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