WORK WITH OTHER INTERNATIONAL ORGANIZATIONS
The WTO and the International Monetary Fund
Globalization has increased the need for closer cooperation between the multilateral institutions with key roles in the formulation and implementation of different elements of the framework for global economic policy, in particular the International Monetary Fund (IMF), the World Bank and the World Trade Organization. Each of these organizations has a mandate for such cooperation in the agreements under which they have been established. They also have signed agreements among themselves, for mutual cooperation and regular consultation, which identify mechanisms designed to foster greater coherence in global economic policy-making.
> IMF website
The desire of WTO member countries for greater coherence in global economic policy-making through closer cooperation between the WTO, World Bank and IMF is expressed in a number of Agreements, Ministerial Declarations and Decisions:
- General Council decision, November 1996, “Agreements between the WTO, IMF and World Bank”
- Article III of the Agreement establishing the WTO from the Uruguay Round Final Act.
- Summary of the “Decision on achieving greater coherence in global economic policy-making” from the Uruguay Round Final Act.
- Declaration on the Contribution of the World Trade Organization to Achieving Greater Coherence in Global Economic Policymaking, from the Uruguay Round Final Act.
- Declaration on the Relationship of the World Trade Organization with the International Monetary Fund, from the Uruguay Round Final Act.
- Consult news release WTO-IMF sign Cooperation Agreemen”, December 1996
urges breakthrough in trade negotiations
> Speaking notes, International Monetary and Financial Committee Meeting, 15.04.2007
- WTO to press for additional aid-for-trade resources, 18.09.2006
- Lamy: ‘political heavy lifting’ at home needed to revive talks, 18.09.2006
- Hong Kong Ministerial is last and best chance to conclude the Round by next year — Lamy, 26.09.2005