The key role of trade in the development process is widely accepted today. Two recent events, both relating to international organizations, underscore this acceptance. One was the convening in 1964 of the United Nations Conference on Trade and Development (UNCTAD) and its establishment as a permanent organ of the UN system. Under UNCTAD's aegis a continuing examination is being conducted as to ways of reshaping world trade policies in the interests of the developing countries. The other event was the adoption early the following year of a new set of articles on trade and development in the General Agreement on Tariffs and Trade (GATT). In the new articles recognition of the role of exports in economic development was established for the first time in the text of the GATT itself, and a constitutional basis was provided for GATT's many activities designed to promote the exports of developing countries. Elsewhere in this volume are essays evaluating the contributions of UNCTAD and GATT toward the promotion of development in the world's poor countries. In this essay I will rather explore more generally the relation between international trade and economic development and discuss some of the problems that have arisen in the effort to make trade a more effective instrument of development.