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1994-01-11
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DECLARATION ON THE CONTRIBUTION OF THE MTO
TO ACHIEVING GREATER COHERENCE IN GLOBAL ECONOMIC POLICYMAKING
1. Ministers recognize that the globalization of the world economy has
led to ever-growing interactions between the economic policies pursued by
individual countries, including interactions between the structural,
macroeconomic, trade, financial and development aspects of economic
policymaking. The task of achieving harmony between these policies falls
primarily on governments at the national level, but their coherence
internationally is an important and valuable element in increasing the
effectiveness of these policies at national level. The Agreements reached
in the Uruguay Round show that all the participating governments recognize
the contribution that liberal trading policies can make to the healthy
growth and development of their own economies and of the world economy as a
whole.
2. Successful cooperation in each area of economic policy contributes to
progress in other areas. Greater exchange rate stability, based on more
orderly underlying economic and financial conditions, should contribute
towards the expansion of trade, sustainable growth and development, and the
correction of external imbalances. There is also a need for an adequate and
timely flow of concessional and non-concessional financial and real
investment resources to developing countries and for further efforts to
address debt problems, to help ensure economic growth and development.
Trade liberalization forms an increasingly important component in the
success of the adjustment programmes that many countries are undertaking,
often involving significant transitional social costs. In this connection,
Ministers note the rôle of the World Bank and the IMF in supporting
adjustment to trade liberalization, including support to net food-importing
developing countries facing short-term costs arising from agricultural trade
reforms.
3. The positive outcome of the Uruguay Round is a major contribution
towards more coherent and complementary international economic policies.
The results of the Uruguay Round ensure an expansion of market access to the
benefit of all countries, as well as a framework of strengthened
multilateral disciplines for trade. They also guarantee that trade policy
will be conducted in a more transparent manner and with greater awareness of
the benefits for domestic competitiveness of an open trading environment.
The strengthened multilateral trading system emerging from the Round has the
capacity to provide an improved forum for liberalization, to contribute to
more effective surveillance, and to ensure strict observance of
multilaterally agreed rules and disciplines. These improvements mean that
trade policy can in future play a more substantial rôle in ensuring the
coherence of global economic policymaking.
4. Ministers recognize, however, that difficulties whose origins lie
outside the trade field cannot be redressed through measures taken in the
trade field alone. This underscores the importance of efforts to improve
other elements of global economic policymaking to complement the effective
implementation of the results achieved in the Uruguay Round.
5. The interlinkages between the different aspects of economic policy
require that the international institutions with responsibilities in each of
these areas follow consistent and mutually supportive policies. The MTO
should therefore pursue and develop cooperation with the international
organizations responsible for monetary and financial matters, while
respecting the mandate, the confidentiality requirements and the necessary
autonomy in decision-making procedures of each institution, and avoiding the
imposition on governments of cross-conditionality or additional conditions.
Ministers further invite the Director-General of the MTO to review with the
Managing Director of the International Monetary Fund and the President of
the World Bank, the implications of the MTO's responsibilities for its
cooperation with the Bretton Woods institutions, as well as the forms such
cooperation might take, with a view to achieving greater coherence in global
economic policymaking.