WTO role in economic policy-making

An important function of the WTO is to cooperate with the International Monetary Fund, the World Bank and its affiliated agencies in achieving greater coherence in global economic policy-making.

The Declaration adopted by the Trade Ministers at the close of the Uruguay Round, recognizes the need for an adequate and timely flow of financial and real investment resources to developing country members of the WTO - and for further efforts to address debt problems - to help ensure economic growth and development.

It also recognizes that while difficulties whose origins lie outside the trade field cannot be redressed through measures taken in the trade field alone, there are nevertheless inter-linkages between the different aspects of economic policy.

Trade liberalization forms an important component in the success of the adjustment programs that many WTO members are undertaking. Such adjustments are frequently accompanied by transitional costs. In this light, the WTO, the World Bank and the International Monetary Fund cooperate to examine the implications of such costs, and the bearing they may have with respect to assistance programs.