Review of the Role of Trade in the Work of the Fund

International Monetary Fund

No 2023/013, IMF Policy Papers from International Monetary Fund

Abstract: This paper outlines key changes in the global trade landscape in recent years, reviews the role of the Fund in this area, and outlines a trade strategy for the Fund going forward. The analysis points to three key messages. First, while trade has been resilient vis-à-vis recent global shocks, the deteriorating trade policy environment poses risks to the current levels of prosperity. Second, the Fund has responded quickly to key trade developments in its multilateral surveillance, but attention to trade policy has declined pointing to the need of improved expertise. Third, a reinvigorated trade strategy for the Fund would help country authorities to address key challenges, including adjusting to structural changes associated with climate change and new technologies; promoting policy coherence between trade and non-trade objectives such as climate, inequality, and security; and managing rising geopolitical tensions and risks of geo-economic fragmentation.

Keywords: trade policy; international trade; geo-economic fragmentation; bilateral surveillance; multilateral surveillance; trade expertise; value chain; fund Agenda; fund expertise; core trade area; addressing trade opportunity; trade diversification; trade-distortive policy; trade landscape; transparent trade policies; trade facilitation agreement; areas of fund expertise; Trade finance; Trade tensions; Trade barriers; Trade in services; Global; Asia and Pacific; East Asia (search for similar items in EconPapers)
Pages: 98
Date: 2023-04-03
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