PRESS/72
28April 1997
WTO AND WORLD BANK SIGN COOPERATION AGREEMENT
Afar-reachingglobalizationofeconomicactivityhasresultedinanever-growinginterdependence
among different areasofeconomic policy. Trade anddevelopment policies areincreasingly interlinked
within countries andinthewaytheyaffect other countries. Therefore, given theirresponsibilities in
these areas, theWorld Bank andtheWorld Trade Organization (WTO) moved today tostrengthen
theirrelations andsigned anagreement forfuture cooperation andcollaboration.
Signed byMr.Renato Ruggiero, Director-General oftheWTO, andMr.James Wolfensohn,
President oftheWorld Bank, attheWorld Bank'sheadquarters inWashington, D.C., theagreement
focuses onthreemainelements. First, itprovides thebasisforcarrying forward theWTO 'sMinisterial
mandate toachieve greater coherence inglobal economic policy making bycooperating withtheWorld
BankandtheInternationalMonetaryFund(IMF).TheWTOSecretariatandtheWorldBankareexpected
toconsult andexchange views onallmatters ofcommon interest.
Second, theagreement callsforimproved communication between thetwoinstitutions through
theexchange andsharing ofinformation, thusensuring thatinterests ofMembers areintegral tothe
thinking ofeachorganization. TheWTO andtheWorld Bank willshare access totheirrespective
databases, undertake jointresearch andtechnical cooperation activities andexchange reports andother
documents.
Third,theAgreementaccordsobserverstatustotheWorldBankandtheWTOtoattendmeetings
ofeachother'sdecision-making bodies. Thus, theWTO mayattend theAnnual Meetings oftheWorld
Bank'sBoard ofGovernors andsessions ofother appropriate bodies. TheWorld Bank mayattend the
WTO 'sMinisterial Conference, theGeneral Council andother relevant committee meetings.
TheAgreement provides theWTO Secretariat withaccess toWorld Bankinformation, including
theBank'sEconomic andSocial Database (BESD) andtheWorld DebtTables, theWorld Bank Atlas
andWorld Development Indicators, itsTrends inDeveloping Economies anditsAfrican Development
Indicators. Thisinformation isessential tothework oftheWTO 'sTrade Policy Review Body, the
Committee onTrade andDevelopment andtheSub-committee onLeast Developed Countries. Inturn,
theWorld Bank willhave access totheIntegrated Database oftheWTO andtoWTO Members '
schedules ofmarket access commitments andconcessions ingoods andservices.
Thisagreement andtheonesigned inDecember 1996between theWTO andtheIMFestablish
newgrounds forcooperation andcoherence inglobal economic policy making, anareawhere theWTO,
theIMFandtheWorld Bank eachhavedistinctive roles.
END
97-1835