{
  "title": "How Global Trade Can Promote Growth for All",
  "publication": "IMF News, October 10, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks",
  "canonical": "https://www.imf.org/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks",
  "overlayPath": "/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/index.md",
  "summary": "Trade Conference Opening Remarks—Christine Lagarde, IMF Managing Director",
  "publishDate": "2018-10-10",
  "sections": [
    {
      "heading": "Context and occasion",
      "content": "- Trade Conference Opening Remarks—Christine Lagarde, IMF Managing Director\n- IMF-World Bank Annual Meetings, Bali, Indonesia\n- October 10, 2018\n- As prepared for delivery"
    },
    {
      "heading": "Framing: trade as bond of union and source of discord",
      "content": "- Quotation used to frame talk: “Commerce, which ought naturally to be among nations, as among individuals, a bond of union and friendship, has become the most fertile source of discord and animosity.” (Adam Smith, The Wealth of Nations)\n- Central charge: today’s generation of policymakers will be measured by their ability to create “a trade system that works for all.”"
    },
    {
      "heading": "Three priorities (policy recommendations)",
      "content": "- First: De-escalate current trade disputes and enter into constructive discussion.\n  - Use momentum from recent discussions and proposals to strengthen the WTO, and from new trade deals such as TPP-11, the African agreement, and progress on the U.S.-Mexico-Canada deal, to “turn tension into rapprochement.”\n- Second: Fix and modernize the global trade system, not destroy it.\n  - Address distortionary effects of state subsidies.\n  - Improve enforcement of intellectual property rights.\n  - Take steps to ensure effective competition to avoid excesses of market-dominant positions.\n  - Unlock the full potential of e-commerce and other tradeable services.\n  - Use more flexible negotiating approaches within the WTO, including “plurilateral” agreements among subsets of the WTO membership that are ready to move ahead in certain areas.\n- Third: Implement domestic policies so global trade delivers for “all people.”\n  - Scale up investment in training and social safety nets so workers can upgrade skills, transition to higher-quality jobs, and earn more."
    },
    {
      "heading": "Rationale and evidence cited",
      "content": "- Trade’s benefits:\n  - Boosts productivity.\n  - Spreads new technologies.\n  - Makes products more affordable.\n  - In Asia, trade has been instrumental in creating the world’s largest middle-classes.\n  - Economic integration has boosted per capita incomes while creating millions of new jobs with higher wages.\n- Acknowledged costs:\n  - Some workers and some communities are “heavily affected by the human cost of disruption—whether from technology, or trade, or a combination of both.”"
    },
    {
      "heading": "IMF role and contributions",
      "content": "- The IMF supports members through analysis and policy advice, including:\n  - The most recent World Economic Outlook (as of speech).\n  - A new study jointly produced by the IMF, WTO, and World Bank: “Reinvigorating Trade and Inclusive Growth.” [2]\n  - Annual assessments of individual economies advising on country-specific aspects of trade regimes.\n  - Providing a platform for sharing best practices and fresh ideas.\n- The conference is presented as an example of the IMF’s role in sharing ideas and fostering cooperation to build a better global trade system.\n\nSource: IMF speech text, October 10, 2018.\n\n---\n\n\n References\n\n- Christine Lagarde\n- Canada and the IMF\n- Indonesia and the IMF\n- Mexico and the IMF\n- The IMF and the World Trade Organization -- A Factsheet\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/index.md)",
    "[Structured JSON version](/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/index.json)",
    "[Bundle manifest](/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/bundle-manifest.json)",
    "Published: October 10, 2018",
    "Trade Conference Opening Remarks—Christine Lagarde, IMF Managing Director",
    "IMF-World Bank Annual Meetings, Bali, Indonesia",
    "October 10, 2018",
    "As prepared for delivery",
    "Quotation used to frame talk: “Commerce, which ought naturally to be among nations, as among individuals, a bond of union and friendship, has become the most fertile source of discord and animosity.” (Adam Smith, The Wealth of Nations)",
    "Central charge: today’s generation of policymakers will be measured by their ability to create “a trade system that works for all.”",
    "First: De-escalate current trade disputes and enter into constructive discussion.",
    "Second: Fix and modernize the global trade system, not destroy it.",
    "Third: Implement domestic policies so global trade delivers for “all people.”",
    "Trade’s benefits:",
    "Acknowledged costs:",
    "The IMF supports members through analysis and policy advice, including:",
    "The conference is presented as an example of the IMF’s role in sharing ideas and fostering cooperation to build a better global trade system.",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[Canada and the IMF](http://www.imf.org/external/country/CAN/index.htm)",
    "[Indonesia and the IMF](http://www.imf.org/external/country/IDN/index.htm)",
    "[Mexico and the IMF](http://www.imf.org/external/country/MEX/index.htm)",
    "[The IMF and the World Trade Organization -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2022/imf-and-the-world-trade-organization)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/index.md",
    "json": "/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/index.json",
    "bundleManifest": "/en/news/articles/2018/10/09/sp101018-md-trade-conference-opening-remarks/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-25T22:14:37.099Z"
}