Consider the following statements regarding the United Nations Conference on Trade and Development (UNCTAD):
1. UNCTAD is a permanent intergovernmental body established by the UNGA in 1964 and reports to the United Nations Economic and Social Council (ECOSOC)
2. It was created to promote the interests of developing countries in world trade as existing institutions like WTO, IMF, and World Bank are not able to handle particular concerns of developing countries.
Which of the above statements is/are correct?
1
1 Only
2
2 Only
3
Both 1 and 2
4
Neither 1 nor 2