Short Essay on UNCTAD-IV

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In February, 1976 a meeting of the Group of 77 developing nations was held at Manila, and passed a resolution that the developing countries ought to design a programme of action against advanced nations to protect their trade interests.

The resolution also contained that – during the forthcoming UNCTAD-IV, the participants should be induced to restructure the commodity trade of the developing countries with a view to create a common fund to maintain buffer stocks of 10 primary commodities and to ease the terms of obtaining foreign aids from the advanced nations.

In May, 1976, the UNCTAD-IV Meeting was held at Nairobi. In this conference, the widening between developed and developing nations was pinpointed and it was desired that the developed nations should be more generous in helping the poor nations.

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It was also suggested that some kind of taxes may be disposed by the advanced nations to raise funds for helping/assisting the developmental process of the countries belonging to the Third World.

Further a common fund of six thousand billion dollars may be created for the purpose of establishing the prices of 10 primary products exported by the less developed countries. This fund was to be meant to make provisions in order to finance commodity buffer stocks. The representatives of developing nations advocated for the expansion of GS.P. by the indexation of export items was also oproposed by them.

The representatives of the developing countries did agree to give debt relief and debt-scheduling in favour of the poor countries. However, with respect to the integrated commodity Programme the participants of the conference failed to come to any settlement, so the matter was kept pending on the future conference.

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