WORLD TRADE ORGANIZATION
ORGANISATION MONDIALE DU COMMERCE
ORGANIZACIÓN MUNDIAL DEL COMERCIOWT/TF/COH/12
3 October 2002
(02-5307)
Original:  English/
French/
Spanish
COHERENCE IN GLOBAL ECONOMIC POLICY-MAKING:  WTO
COOPERATION WITH THE IMF AND THE WORLD BANK
Extracts1 relating to trade from the communiqués of the Intergovernmental Group of
Twenty-Four on International Monetary Affairs and Development, the G-7 Finance Ministers and
Central Bank Governments, the International Monetary and Financial Committee
of the Board of Governors of the International Monetary Fund,
and the Development Committee,
27-28 September 2002
COHÉRENCE DANS L'ÉLABORATION DES POLITIQUES ÉCONOMIQUES
AU NIVEAU MONDIAL:  COOPÉRATION DE L'OMC AVEC
LE FMI ET LA BANQUE MONDIALE
Extraits1 relatifs au commerce des communiqués du Groupe intergouvernemental des
Vingt-Quatre pour les questions monétaires internationales et le développement,
des ministres des finances et des gouverneurs de banque centrale du Groupe
des Sept, du Comité monétaire et financier international du Conseil
des gouverneurs du Fonds monétaire international
et du Comité du développement
27-28 septembre 2002
COHERENCIA EN LA FORMULACIÓN DE LAS POLÍTICAS ECONÓMICAS
A ESCALA MUNDIAL:  COOPERACIÓN DE LA OMC CON EL FMI
Y EL BANCO MUNDIAL
Extractos1 relativos al comercio tomados de los comunicados del Grupo Intergubernamental
de los Veinticuatro para Asuntos Monetarios Internacionales y Desarrollo, los Ministros
de Hacienda y los Gobernadores de los Bancos Centrales del
Grupo de los Siete, el Comité Monetario y Financiero
Internacional de la Junta de Gobernadores
del Fondo Monetario Internacional
y el Comité para el Desarrollo,
27-28 de septiembre de 2002
                                                     
1In English only./En anglais seulement./En inglés solamente.WT/TF/COH/12
Page 2
I. INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL
MONETARY AFFAIRS AND DEVELOPMENT, COMMUNIQUÉ,
27 SEPTEMBER 2002
Extract:  Trade
Ministers note the continued depressed level of commodity prices and the persistence of
protectionist practices in industrial countries in such areas as textiles and clothing, agriculture
(including farm subsidies), and steel, and the excessive recourse to anti-dumping measures against
more efficient competitors, which have intensified the difficulties that many developing countries are
facing in a sluggish world economy. The high cost of trade restrictions for the world economy—
especially for developing countries—and the benefits of their removal brings a sense of urgency for
action in these areas. Ministers welcome the work of the IMF, the World Bank, and the WTO on thepotential benefits to developing countries of greater market access for their exports. Market protection
in advanced economies has high costs for their own consumers and plays a significant role in
perpetuating poverty in the developing world. In this context, they urge industrial countries to
liberalize trade in areas of particular importance to developing countries, which would also make a
significant contribution to meeting the MDGs. Also, there is a pressing need to tighten the rulesgoverning the use of trade remedy procedures, such as antidumping and countervailing measures, as
well as the many standards and regulations that impede exports from developing countries. Ministers
agree that developing countries themselves stand to  benefit from liberalizing their own trade regimes
if such liberalization is carried out in a well-se quenced manner within a comprehensive development
program. Ministers look forward to fruitful and early results from the recently launched Doha roundof trade negotiations, and reiterate their call on the BWIs to help strengthen developing countries'
capabilities in negotiation, implementation, and monitoring of trade agreements.
II. STATEMENT OF G-7 FINANCE MINISTERS AND CENTRAL BANK
GOVERNERS, 28 SEPTEMBER 2002
Extract:
We urge developed and developing country Members of the WTO to make substantial
progress in multilateral trade negotiations and to reduce significantly trade barriers to global economic
growth and poverty alleviation.
III. INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE OF THE BOARD
OF GOVERNORS OF THE INTERNATIONAL MONETARY FUND –
COMMUNIQUÉ, 28 SEPTEMBER 2002
Extract:  The Global Economy and Financial Markets
The Committee underscores the vital importance for global growth and effective development
of achieving substantial trade liberalization in the Doha round of multilateral trade negotiations,
which will benefit both developed and developing countries. Urgent progress is essential in enlarging
market access for developing countries and phasing out trade distorting subsidies in developedcountries. Developing countries should also further liberalize their trade regimes to maximize growth
and development opportunities. Trade-related technical assistance is also important to support
developing countries' capacity building.WT/TF/COH/12
Page 3
IV. DEVELOPMENT COMMITTEE – COMMUNIQUÉ, 28 SEPTEMBER 2002
Extract:
We reaffirmed the crucial importance of trade as a source of growth and poverty reduction.
We recognized that it is essential for developed countries to do more to open their markets andeliminate trade-distorting subsidies for products that represent major potential exports for developing
countries, such as agriculture, textiles and clothing. At the same time, we recognized the importance
of continued efforts towards trade liberalization in developing countries as part of an overall
development strategy, in conjunction with the necessary policies and capacities that facilitate an
appropriate supply response and minimize the adjustment burdens on the poor. We therefore
welcomed the increased attention to trade issues in the work of the World Bank and International
Monetary Fund in support of a successful Doha Development Agenda. We urged intensified efforts tomainstream trade in the development dialogue with the Bank's members, with an enhanced
operational focus on building both institutional and physical capacity to help developing countries
take advantage of new trade opportunities.
__________