Coherence in Global Economic Policymaking and Cooperation between the WTO, the IMF and the World Bank - Note by the Secretariat
- WTO Secretariat
- 2005/08/29
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World Trade
Organization WT/TF/COH/S/7
29 April 2003 (03-2249)
Coherence in Global Economic Policymaking and Cooperation
between the WTO, the IMF and the World Bank
Note by the Secretariat
summary
Achieving more coherent global economic policymaking is one of the five core functions of the WTO. Its ability to do so depends on it carrying out its other functions successfully – providing a forum for liberalization, ensuring strict observance of its multilateral rules and disciplines, and contributing to policy surveillance. Beyond the direct commercial benefits this brings to WTO Members, a well functioning, open, rules-based, trading system makes trade policies more predictable and effective tools for economic management. It increases resource flows to developing countries, strengthens markets and economies structurally, and helps underpin macroeconomic and financial stability. That, in turn, makes trade ministries and the WTO more influential part