Question

Mention any four reforms of the global trading system proposed by UNCTAD in 1972

Answer 1

Explanation:

The report proposed a reform of the global trading system so as to:

(i) give the LDCs control over their natural resources exploited by the developed western world.

(ii) Obtain access to Western markets so that the LDCs could sell their products and, therefore, make trade more beneficial for the poorer countries.

(iii) reduce the cost of technology from the western countries.

(iv) provide the LDCs with a greater role in international economic institutions.