UNCTAD was established in 1964 as a permanent intergovernmental body within the UN with 194 member countries. Its goals are to maximize trade, investment, and development opportunities for developing countries. It is headquartered in Geneva and oversees committees on commodities, manufactures, shipping, and other areas related to promoting international trade and formulating trade policies. UNCTAD's main functions include promoting global trade, establishing trade principles and policies, and reviewing and coordinating activities of other institutions to serve as a center for harmonious trade relations.