WAEC 2019 Economics · Question 30

Which of the following institutions is Concerned with expanding developing countries' commodity trade

Options

  1. A.World Trade Organization (WTO)
  2. B.United Nations Conference on Trade and Development (UNCTAD)
  3. C.Economic Commission for Africa (ECA)
  4. D.African Development Bank (AfDB)

Answer: B. United Nations Conference on Trade and Development (UNCTAD)

Explanation written with AI and checked against the answer key

Step 1: Analyze the question The question asks which institution focuses on expanding the commodity trade of developing countries. Two key phrases: "developing countries" and "commodity trade."

Step 2: Explain the concepts

  • WTO: Sets and enforces global trade rules among all member nations and settles trade disputes. It is not specifically focused on developing countries' commodities.
  • UNCTAD: Created in 1964 by the UN to help developing countries benefit from international trade. It promotes their trade, investment, and development, and has dealt with commodity price stabilization and market access for primary products.
  • ECA: A UN regional commission that promotes the economic and social development of African countries. It is regional and not specifically trade-focused.
  • AfDB: Gives loans and financial support for development projects in Africa. It is a financial institution, not a trade body.

Step 3: Match the institution to the question The body whose core mission is to help developing countries expand and gain from trade, especially in primary commodities, is UNCTAD.

Step 4: Answer UNCTAD**.

Tip: Link the letters to the purpose. UNCTAD = "UN Conference on Trade and Development" (trade for developing nations). WTO = rules and disputes. AfDB = loans. ECA = African regional economic planning.

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