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Reform of the International Institutions

Reform of the International Institutions

The IMF, World Bank and the WTO

Peter Coffey and Robert J. Riley

The seemingly endless problems encountered by the IMF, WTO and World Bank provide major reasons for seeking reform. However, an additional impetus is the changing balance of economic power in the world. The volume begins with an overview of the Bretton Woods and international trading systems. Following this are discrete, in-depth discussions of the three institutions from American and European points of view. The authors emphasise the need for making the IMF and World Bank more regional in structure and, like the European Bank, more frugal in the lifestyles of their officials. Similarly, they call for a narrower focus in the mission of the World Bank and the IMF. In the case of the WTO, they call for a democratic reform of the organisation comprising participation by experts and, above all, better representation and support for Third World countries.

Appendix 3: Doha Development Programme: Results of Negotiations at WTO General Council, 31 Jule - August 2004 and Final Declaration of the Third Parliamentary Conference on the WTO, 24-26 November 2004

Peter Coffey and Robert J. Riley

Subjects: economics and finance, international economics


Appendix 3 BULLETIN QUOTIDIEN EUROPE (5 AUGUST 2004) Doha Development Programme: Results of Negotiations at WTO General Council During the night of 31 July to 1 August after arduous negotiation, the 147 member nations of the World Trade Organisation (WTO) adopted, in Geneva, a framework agreement to reactivate the Doha Development Programme after talks failed in Cancún in autumn 2003. The decision taken by the WTO General Council is published in our EUROPE/Documents series, in French and English. (On the subject of negotiations in Geneva, see EUROPE of 3 August, p. 4, and also 29 July, p. 5; 30 July, p. 7; and 31 July, p. 6.) ********** DRAFT GENERAL COUNCIL DECISION OF 31 JULY 2004 1. The General Council reaffirms the Ministerial Declarations and Decisions adopted at Doha and the full commitment of all Members to give effect to them. The Council emphasizes Members’ resolve to Doha. Taking into account the Ministerial Statement adopted at Cancún on 14 September 2003, and the statements by the Council Chairman and the DirectorGeneral at the Council meeting of 15–16 December 2003, the Council takes note of the report by the Chairman of the Trade Negotiations Committee (TNC) and agrees to take action as follows: (a) Agriculture: the General Council adopts the framework set out in Annex A to this document. (b) Cotton: the General Council reaffirms the importance of the Sectoral Initiative on Cotton and takes note of the parameters set out in Annex A within which the trade-related aspects...

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