Declaration on the Contribution of the WTO to Achieving Greater Coherence in Global Economic Policy-making

The Declaration sets out concepts and proposals with respect to increasing the contribution of the WTO to achieving greater coherence in global economic policy-making.

The text notes that greater exchange rate stability based on more orderly underlying economic and financial conditions should contribute to the expansion of trade, sustainable growth and development, and the timely correction of external imbalances.

It recognizes that although problems whose origins lie outside the trade field cannot be addressed through trade measures alone, there are nevertheless interlinkages between the different aspects of economic policy. Therefore, the WTO is called on to develop its cooperation with the international organizations responsible for monetary and financial matters. In particular, the Director-General of the WTO is called on to review, with his opposite numbers in the World Bank and the International Monetary Fund, the implications of the WTO's future responsibilities for its cooperation with the Bretton Woods institutions.

Recognition of Interests

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The Declaration recognizes the need for an adequate and timely flow of concessional and non-concessional financial and real investment resources to developing country Members, and for further efforts to address debt problems, to help ensure economic growth and development.

The importance of trade liberalization to the success of the adjustment programmes that many Members are undertaking - and the significant transitional social costs that this often involves - is acknowledged. Ministers note the role of the World Bank and the IMF in supporting adjustment to trade liberalization, including support to net food-importing developing country Members facing short-term costs arising from agricultural trade reforms.