ASIAN DEVELOPMENT BANK

ASIAN DEVELOPMENT BANK
The Asian Development Bank (ADB) is a regional development bank established on 22 August
1966 to facilitate economic development of countries in Asia. The bank admits the members
of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP,
formerly known as the United Nations Economic Commission for Asia and the Far East) and
non-regional developed countries. From 31 members at its establishment, ADB now has 67
members - of which 48 are from within Asia and the Pacific and 19 outside. ADB was modeled
closely on the World Bank, and has a similar weighted voting system where votes are
distributed in proportion with member's capital subscriptions.
SAFTA
What is Safta?
It is an abbreviation for the South Asian Free Trade Area. It is a proposed FTA between the
seven members of the Saarc group. These include Bangladesh, Bhutan, India, Maldives, Nepal,
Pakistan and Sri Lanka.
What is its ultimate goal?
It will replace the earlier South Asia Preferential Trade Agreement (SAFTA), which was limited in
its scope. The ultimate aim of Safta will be to put in place a full-fledged South Asia Economic
Union on the lines of the EU. Safta is scheduled for launch in January 2006 and will lead to
reduction of tariffs for intra-regional trade among Saarc countries.
What falls within the ambit of Safta?
The agreement incorporates trade in goods. Services and investment are not part of the
agreement.
What are the objectives guiding Safta?
Among its aims are: promoting and enhancing mutual trade and economic cooperation by
eliminating barriers in trade, promoting conditions of fair competition in the free trade area,
ensuring equitable benefits to all and establishing a framework.
G-8
The Group of Eight ('G8) is for the governments of eight of the world's largest economies. (It
excludes, however, two of the actual eight largest economies by nominal GDP: China, 2nd

UNCTAD

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT
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 organization's goals are to "maximize the trade, investment and development
opportunities of developing countries and assist them in their efforts to into the world
economy on an equitable basis." The creation of the conference was based on concerns of
developing countries over the international market, multi-national corporations, and great
disparity between developed nations and developing nations. In the 1970s and 1980s, UNCTAD
was closely associated with the idea of a New International Economic Order (NIEO). 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. The first conference took place in Geneva in 1964, second in New Delhi in 1968,
the third in Santiago in 1972, fourth in Nairobi in 1976, the fifth in Manila in 1979, the sixth in
Belgrade in 1983, the seventh in Geneva in 1987, the eighth in Cartagena in 1992 and the ninth at Johannesburg (South Africa)in 1996. The Conference has its permanent secretariat in
Geneva. One of the principal achievements of UNCTAD has been to conceive and implement
the Generalized System of Preferences (GSP).