Write short notes on the following
(i) UNCTAD
(ii) MIGA
(iii) World Bank
(iv) ITPO
(v) IMF
Write short notes on the following
(i) UNCTAD
(ii) MIGA
(iii) World Bank
(iv) ITPO
(v) IMF
(i) UNCTAD: The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. It is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues.
The organisation's goals are to "maximize the trade, investment and development opportunities of and developing countries and assist them in their efforts to integrate into the world economy on an equitable basis". UNCTAD was created to address the concerns of developing countries over the international market, multi-national corporations, and the disparity between developed nations and developing nations.
The primary objective of the UNCTAD is to formulate policies relating to all aspects of development including trade, aid transport, finance and technology. The conference ordinarily meets once in four years. UNCTAD has 194 member States and has its permanent secretariat in Geneva.
One of the principal achievements of UNCTAD has been to conceive and implement the Generalised System of Preferences (GSP). Under the GSP Scheme, manufactured goods exports and some agricultural goods from the developing countries enter duty-free or at reduced rates in the developed countries. This was done in order to promote exports of manufactured goods from developing countries,
(ii) MIGA: The Multinational Investment Guarantee Agency (MIGA) was established in April, 1988 to supplement the functions of the World Bank and IFC with the following objectives
(a) To encourage flow of direct foreign investment into the less developed member countries.
(b) To provide insurance cover to investors against political risks.
(c) To provide guarantee against non-commercial risk (like currency transfer risk, war and civil disturbances and breach of contract).
(d) To insure new investments, expansion of existing investments, privatisation and financial restructuring.
(e) To provide promotional and advisory services.
(f)To establish credibility.
(iii) World Bank: The International Bank for Reconstruction and Development (IBRD); commonly known as World Bank, emerged from the Bretton Woods Conference. The main objectives of World Bank were to aid the task of reconstruction of the war-affected economies of Europe and assist in the development of the underdeveloped nations of the world. At present, the World Bank is a group of five international organisations responsible for providing finance to different countries. Its headquarters is situated at Washington DC.
World Bank is entrusted with the task of economic growth and widening" the scope of international trade. During its initial years of inception, it placed more emphasis on developing infrastructure facilities like energy, transportation and others but the results were not found to be very satisfactory due to poor administrative structure, lack of institutional framework and non-availability of skilled labour in under developed countries.
World Bank also extends assistance to different countries for raising cash crops so that their incomes rise and they may export the same for earning foreign exchange. The bank has also been providing resources for education, sanitation, health care and small scale enterprises.
The World Bank is no longer confined to simply providing financial assistance for infrastructure development, agriculture, industry, health and sanitation. It is also involved in areas like removal of rural poverty through raising productivity, increasing income of the rural poor providing technical support, and initiating research and cooperative ventures.
(iv) ITPO Indian Trade Promotion Organisation (ITPO) was setup on 1st January, 1992 under the Companies Act, 1956 by the Ministry of Commerce, Government of India. Its head quarter is at New Delhi. ITPO was formed by merging the two erstwhile agencies viz., Trade Development Authority and Trade Fair Authority of India.
ITPO is a service organisation and maintains regular and close interaction with trade, industry and government. It serves the industry by organising trade fairs and exhibitions within the country as well as abroad. It helps export firms in participating in international trade fairs and exhibitions, developing exports of new items and providing support and updated commercial business information.
ITPO has five regional offices at Mumbai, Bengaluru, Kolkata, Kanpur and Chennai and four international offices at Germany, Japan, UAE and USA.
(v) IMF: International Monetary Fund (IMF) came into existence in 1945 and has its headquarters located in Washington DC. In 2005, it had 191 countries as its members. The major idea underlying the setting up of the IMF is to evolve an orderly international monetary system to facilitate the system of international payments and adjustments in exchange rates among national currencies.
Some of the important functions of IMF include
(i) Acting as a short-term credit institution.
(ii) Providing machinery for the orderly adjustment 01 exchange rates.
(iii) Acting as a reservoir of the currencies of all the member countries, from which a borrower nation can borrow the currency of other nations.
(iv) Acting as a lending institution of foreign currency and current transaction.
(v) Determining the value of a country's currency and altering it, if needed, so as to bring about an orderly adjustment of exchange rates of member countries.
(vi) Providing machinery for international consultations.
(i) UNCTAD: The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. It is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues.
The organisation's goals are to "maximize the trade, investment and development opportunities of and developing countries and assist them in their efforts to integrate into the world economy on an equitable basis". UNCTAD was created to address the concerns of developing countries over the international market, multi-national corporations, and the disparity between developed nations and developing nations.
The primary objective of the UNCTAD is to formulate policies relating to all aspects of development including trade, aid transport, finance and technology. The conference ordinarily meets once in four years. UNCTAD has 194 member States and has its permanent secretariat in Geneva.
One of the principal achievements of UNCTAD has been to conceive and implement the Generalised System of Preferences (GSP). Under the GSP Scheme, manufactured goods exports and some agricultural goods from the developing countries enter duty-free or at reduced rates in the developed countries. This was done in order to promote exports of manufactured goods from developing countries,
(ii) MIGA: The Multinational Investment Guarantee Agency (MIGA) was established in April, 1988 to supplement the functions of the World Bank and IFC with the following objectives
(a) To encourage flow of direct foreign investment into the less developed member countries.
(b) To provide insurance cover to investors against political risks.
(c) To provide guarantee against non-commercial risk (like currency transfer risk, war and civil disturbances and breach of contract).
(d) To insure new investments, expansion of existing investments, privatisation and financial restructuring.
(e) To provide promotional and advisory services.
(f)To establish credibility.
(iii) World Bank: The International Bank for Reconstruction and Development (IBRD); commonly known as World Bank, emerged from the Bretton Woods Conference. The main objectives of World Bank were to aid the task of reconstruction of the war-affected economies of Europe and assist in the development of the underdeveloped nations of the world. At present, the World Bank is a group of five international organisations responsible for providing finance to different countries. Its headquarters is situated at Washington DC.
World Bank is entrusted with the task of economic growth and widening" the scope of international trade. During its initial years of inception, it placed more emphasis on developing infrastructure facilities like energy, transportation and others but the results were not found to be very satisfactory due to poor administrative structure, lack of institutional framework and non-availability of skilled labour in under developed countries.
World Bank also extends assistance to different countries for raising cash crops so that their incomes rise and they may export the same for earning foreign exchange. The bank has also been providing resources for education, sanitation, health care and small scale enterprises.
The World Bank is no longer confined to simply providing financial assistance for infrastructure development, agriculture, industry, health and sanitation. It is also involved in areas like removal of rural poverty through raising productivity, increasing income of the rural poor providing technical support, and initiating research and cooperative ventures.
(iv) ITPO Indian Trade Promotion Organisation (ITPO) was setup on 1st January, 1992 under the Companies Act, 1956 by the Ministry of Commerce, Government of India. Its head quarter is at New Delhi. ITPO was formed by merging the two erstwhile agencies viz., Trade Development Authority and Trade Fair Authority of India.
ITPO is a service organisation and maintains regular and close interaction with trade, industry and government. It serves the industry by organising trade fairs and exhibitions within the country as well as abroad. It helps export firms in participating in international trade fairs and exhibitions, developing exports of new items and providing support and updated commercial business information.
ITPO has five regional offices at Mumbai, Bengaluru, Kolkata, Kanpur and Chennai and four international offices at Germany, Japan, UAE and USA.
(v) IMF: International Monetary Fund (IMF) came into existence in 1945 and has its headquarters located in Washington DC. In 2005, it had 191 countries as its members. The major idea underlying the setting up of the IMF is to evolve an orderly international monetary system to facilitate the system of international payments and adjustments in exchange rates among national currencies.
Some of the important functions of IMF include
(i) Acting as a short-term credit institution.
(ii) Providing machinery for the orderly adjustment 01 exchange rates.
(iii) Acting as a reservoir of the currencies of all the member countries, from which a borrower nation can borrow the currency of other nations.
(iv) Acting as a lending institution of foreign currency and current transaction.
(v) Determining the value of a country's currency and altering it, if needed, so as to bring about an orderly adjustment of exchange rates of member countries.
(vi) Providing machinery for international consultations.
