What Trade Agreements And Organizations Promoted Globalization

In collaboration with partners such as the WTO and the OECD, the World Bank Group provides information and support to countries wishing to sign or deepen regional trade agreements. The work of the WBG includes that the organization`s stated objective is to promote international economic cooperation, international trade, employment and exchange rate stability, including by providing financial resources to Member States to meet the needs of the balance of payments. IMF Member States have access to information on the economic policies of all Member States, the ability to influence the economic policies of other members, technical assistance in banking, tax and foreign exchange, financial assistance in times of payment difficulties and increased trade and investment opportunities. Voting rights at the IMF are based on a quota system. Each member has a number of «basic votes» (the basic number of votes of each member corresponds to 5.502% of the total), plus an additional vote for each special draw right (SDR) of 100,000 the rate of a member country. The special drawing right is the IMF`s unit of account and is a right to money. It is based on a basket of important international currencies. The basic votes create a slight distortion in favour of small countries, but the additional votes determined by the SDR outweigh this bias. The IMF and the WTO are cooperating at many levels to ensure greater coherence in global economic policies. Shortly after the creation of the WTO, a cooperation agreement was signed between the two organizations, covering different aspects of their relations. Overall, the WTO`s role is to improve the stability and predictability of world trade. As a result, it tends to support free trade, contrary to protectionist policies, and strongly discourages the use of quotas and other import restrictions. High-level coordination: The Managing Director of the IMF and the Managing Director of the WTO regularly consult on a number of trade-related issues.

TThe Managing Director of the IMF and the Managing Director of the WTO participated, with the President of the World Bank Group, in a roundtable discussion on «Leveraging Trade to Reduce Poverty» at the IMF and World Bank Group Spring Meetings in April 2019 and launched a joint identity document on «Reviving Trade and Inclusive Growth» in September 2018. The Director-General also participated in the WTO Public Forum in September 2017. Finally, the management of both institutions often participates in the IMF/World Bank/WTO`s annual joint trade workshops. APEC is examining the prospects and options for a free trade area in the Asia-Pacific region (FTAAP), which would include all APEC member countries. Since 2006, the APEC Business Advisory Council, which advocates the theory that a free trade area has the best chance of converging Member States and ensuring stable economic growth within the framework of free trade, has committed to creating a high-level task force to study and develop a free trade area plan. The proposed free trade agreement was born out of a lack of progress in the World Trade Organization negotiations in Doha and a way to overcome the spaghetti bowl effect created by divergent and contradictory elements of the umpteenth free trade agreements.

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