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Press Release: IMF and World Bank Announce Plans to Support Developing Countries with Trade-Related Adjustment Needs in WTO Round
August 21, 2003
Reaffirm the Importance of a Successful Trade Round to Developing Countries
International Monetary Fund Managing Director Horst Köhler and World Bank President James D. Wolfensohn today sent the following letter to Dr. Supachai Panitchpakdi, Director-General of the World Trade Organization (WTO), reiterating the importance of a successful round of multilateral trade talks to developing countries. The letter also reaffirms the two institutions' commitment to help developing countries adjust to a more open trading environment.
Dear Dr. Supachai,
We strongly believe that a successful conclusion of the Doha round is essential for the world economy and will benefit all countries. A successful WTO round can also contribute significantly towards efforts by the international community to meet the Millennium Development Goals. Overall, developing countries have much to gain from a more open multilateral trading system. At the same time, we appreciate that adjusting to a more liberal trade environment may impose costs on some of our member countries—albeit temporarily—as a result of preference erosion, the loss of tariff revenue or other factors.
We are therefore working to package our support, building on what we are already doing, in order to help countries to implement commitments they make as the Doha Development Agenda proceeds.
We already have a variety of instruments to meet developing countries' concerns about the impact of trade liberalization, and we are actively exploring ways to assist countries that request our help. While important aspects of our plan for targeting Doha-related needs are still under consideration, it will have three dimensions:
As we emphasized last May at the WTO General Council meeting, we remain fully committed to helping ensure successful completion of the Doha development round. Given the substantial promise for the world's poor we should work together to address the short-term adjustment problems. As you embark on the crucial WTO Ministerial meetings in Cancún, we would like to assure you that both our institutions stand ready to support our members in taking full advantage of these opportunities.
As we move over the coming weeks to put in place the various elements of our Doha-related efforts, we look forward to continued engagement with you on these issues.
Sincerely yours,
| /s/ Horst Köhler | /s/ James D. Wolfensohn |
| Public Affairs | Media Relations | |||
|---|---|---|---|---|
| E-mail: | publicaffairs@imf.org | E-mail: | media@imf.org | |
| Fax: | 202-623-6278 | Phone: | 202-623-7100 | |
