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General Agreement on Tariffs and Trade (GATT), set of multilateral trade agreements aimed
at the abolition of quotas and the reduction of tariff duties among the contracting nations. When
GATT was concluded by 23 countries at Geneva, in 1947 (to take effect on Jan. 1, 1948), it was
considered an interim arrangement pending the formation of a United Nations agency to
supersede it. When such an agency failed to emerge, GATT was amplified and further enlarged
at several succeeding negotiations. It subsequently proved to be the most effective instrument of
world trade liberalization, playing a major role in the massive expansion of world trade in the
second half of the 20th century.
GATTs most important principle was that of trade without discrimination, in which each
member nation opened its markets equally to every other. As embodied in unconditional mostfavoured nation clauses, this meant that once a country and its largest trading partners had agreed
to reduce a tariff, that tariff cut was automatically extended to every other GATT member.
GATT included a long schedule of specific tariff concessions for each contracting nation,
representing tariff rates that each country had agreed to extend to others. Another fundamental
principle was that of protection through tariffs rather than through import quotas or other
quantitative trade restrictions; GATT systematically sought to eliminate the latter. Other general
rules included uniform customs regulations and the obligation of each contracting nation to
negotiate for tariff cuts upon the request of another. An escape clause allowed contracting
countries to alter agreements if their domestic producers suffered excessive losses as a result of
trade concessions.
GATTs normal business involved negotiations on specific trade problems affecting particular
commodities or trading nations, but major multilateral trade conferences were held periodically
to work out tariff reductions and other issues. Seven such rounds were held from 1947 to 1993,
starting with those held at Geneva in 1947 (concurrent with the signing of the general
agreement); at Annecy, France, in 1949; at Torquay, Eng., in 1951; and at Geneva in 1956 and
again in 196062. The most important rounds were the so-called Kennedy Round (196467),
the Tokyo Round (197379), and the Uruguay Round (198694), all held at Geneva. These
agreements succeeded in reducing average tariffs on the worlds industrial goods from 40
percent of their market value in 1947 to less than 5 percent in 1993.
The Uruguay Round negotiated the most ambitious set of trade-liberalization agreements in
GATTs history. The worldwide trade treaty adopted at the rounds end slashed tariffs on

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industrial goods by an average of 40 percent, reduced agricultural subsidies, and included

groundbreaking new agreements on trade in services. The treaty also created a new and stronger
global organization, the WTO, to monitor and regulate international trade. GATT went out of
existence with the formal conclusion of the Uruguay Round on April 15, 1994. By the time
GATT was replaced by the World (WTO) in 1995, 125 nations were signatories to its
agreements, which had become a code of conduct governing 90 percent of world trade.
Its principles and the many trade agreements reached under its auspices were adopted by the
WTO.

World Trade Organization (WTO)

The World Trade Organization the WTO is the international organization whose primary
purpose is to open trade for the benefit of all.
The WTO provides a forum for negotiating agreements aimed at reducing obstacles to
international trade and ensuring a level playing field for all, thus contributing to economic
growth and development. The WTO also provides a legal and institutional framework for the
implementation and monitoring of these agreements, as well as for settling disputes arising from
their interpretation and application. The current body of trade agreements comprising the WTO
consists of 16 different multilateral agreements (to which all WTO members are parties) and two
different plurilateral agreements (to which only some WTO members are parties).
Over the past 60 years, the WTO, which was established in 1995, and its predecessor
organization the GATT have helped to create a strong and prosperous international trading
system, thereby contributing to unprecedented global economic growth. The WTO currently
has 160 members, of which 117 are developing countries or separate customs territories. WTO
activities are supported by a Secretariat of some 700 staff, led by the WTO Director-General.
The Secretariat is located in Geneva, Switzerland, and has an annual budget of approximately
CHF 200 million ($180 million, 130 million). The three official languages of the WTO are
English, French and Spanish.
Decisions in the WTO are generally taken by consensus of the entire membership. The highest
institutional body is the Ministerial Conference, which meets roughly every two years.
A General Council conducts the organization's business in the intervals between Ministerial
Conferences. Both of these bodies comprise all members. Specialised subsidiary bodies

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(Councils, Committees, Sub-committees), also comprising all members, administer and monitor
the implementation by members of the various WTO agreements.
Ministerial Conferences
The topmost decision-making body of the WTO is the Ministerial Conference, which usually
meets every two years. It brings together all members of the WTO, all of which are countries or
customs unions. The Ministerial Conference can take decisions on all matters under any of the
multilateral trade agreements.
The WTO General Council
The General Council is the WTOs highest-level decision-making body in Geneva, meeting
regularly to carry out the functions of the WTO. It has representatives (usually ambassadors or
equivalent) from all member governments and has the authority to act on behalf of the
ministerial conference which only meets about every two years.
More specifically, the WTO's main activities are:

Negotiating the reduction or elimination of obstacles to trade (import tariffs, other

barriers to trade) and agreeing on rules governing the conduct of international trade (e.g.
antidumping, subsidies,

product

standards,

etc.).

Administering and monitoring the application of the WTO's agreed rules for trade in
goods, trade in services, and trade-related intellectual property rights.

Monitoring and reviewing the trade policies of our members, as well as ensuring
transparency of regional and bilateral trade agreements.

Settling disputes among our members regarding the interpretation and application of the
agreements.

Building capacity of developing country government officials in international trade

matters

Assisting the process of accession of some 30 countries who are not yet members of the
organization.

Conducting economic research and collecting and disseminating trade data in support of
the WTO's other main activities.

Explaining to and educating the public about the WTO, its mission and its activities.

The WTO's founding and guiding principles remain the pursuit of open borders, the guarantee of
most-favoured-nation principle and non-discriminatory treatment by and among members, and a
commitment to transparency in the conduct of its activities. The opening of national markets to

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international trade, with justifiable exceptions or with adequate flexibilities, will encourage and
contribute to sustainable development, raise people's welfare, reduce poverty, and foster peace
and stability. At the same time, such market opening must be accompanied by sound domestic
and international policies that contribute to economic growth and development according to each
member's needs and aspirations.
UNCTAD, which is governed by its 194 member States, is the United Nations body responsible
for dealing with development issues, particularly international trade the main driver of
development.
Its work can be summed up in three words: think, debate, and deliver.
Reflection on development is at the heart of UNCTADs work. It produces often-innovative
analyses that form the basis for recommendations to economic policymakers. The aim is to help
them take informed decisions and promote the macroeconomic policies best suited to ending
global economic inequalities and to generating people-centred sustainable development.
UNCTAD is also a forum where representatives of all countries can freely engage in dialogue
and discuss ways to establish a better balance in the global economy.
In addition, UNCTAD offers direct technical assistance to developing countries and countries
with economies in transition, helping them to build the capacities they need to become equitably
integrated into the global economy and improve the well-being of their populations.
UNCTAD holds a ministerial-level meeting every four years to discuss major global economic
issues and to decide on its programme of work.
It also holds discussions with civil society, including at an annual symposium where members of
the public can express their views and interact with country representatives.
Every two years, UNCTAD organizes the World Investment Forum, which brings together major
players from the international investment community to discuss challenges and opportunities and
to promote investment policies and partnerships for sustainable development and equitable
growth.
Major Functions of UNCTAD
Globalization and development
On the basis of recent statistics often yet to be published -- UNCTADs analyses contribute to
international debate on the consequences of globalization for developing countries.

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The organization examines global economic trends and the outlook for developing countries;
Undertakes studies on development strategies;
Analyzes debt issues;
Provides developing countries with technical assistance on the management of public debt; and
Provides assistance to the Palestinian people in support of their economic development.
Trade and commodities
UNCTAD promotes development through international trade.

Produces analyses and collects data to improve understanding of current and future problems in
this area;
Supports the participation of developing countries in international trade and international trade
negotiations on an equitable basis;
Seeks to strengthen international trade in services and promotes an integrated approach to trade,
the environment, and sustainable development;
Analyzes issues related to competition policy and consumer protection; and
Focuses on the contribution of the commodity sector to development, advocating diversification
and risk management.
Investment and enterprise
UNCTAD offers member States expertise on all issues related to investment and enterprise
development.

Conducts cutting-edge research and analysis in the field of investment for sustainable
development;
Informs policymakers about the structure and evolution of foreign direct investment in the world,
and outlines the main trends in investment;
Provides technical assistance to enable beneficiary countries to attract more investment for
sustainable development, including through investment policy reviews;
Focal point for issues related to international investment agreements;
Promotes entrepreneurship and enterprise creation and expansion;
Participates in the setting of international accounting standards; and
Encourages responsible investment through initiatives such as the establishment of principles for
sustainable development in agriculture.
Categories of countries that receive special attention
UNCTAD helps more than 90 countries in their efforts to reach the targets they have set for
economic progress. These countries belong to categories that receive special attention from the
United Nations, and, in many cases, special treatment to compensate for the disadvantages they
face in the global economy.

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UNCTAD helps least developed countries 49 States were recognized as such in 2013 to
achieve the socioeconomic progress that will allow them to graduate from this category;
Supports landlocked developing countries which refuse to consider their landlocked nature as an
obstacle to development; and
Supports small island developing States in their continuing efforts to become less economically
vulnerable, despite the many challenges they face.
Technology and logistics
In a globalized, knowledge-based economy, it is essential to stimulate innovation in developing
countries to improve their competitiveness.

UNCTAD conducts research in science, technology (including information and communication

technology) and innovation for development;
Helps developing countries design and implement technology and innovation policies for
economic growth and sustainable development; and
Carries out a broad programme of work to establish efficient services in transport, trade
facilitation, and customs.
World Bank
The World Bank is a United Nations international financial institution that provides loans to
developing countries for capital programs. The World Bank is a component of the World Bank
Group, and a member of the United Nations Development Group.
The World Bank Group consists of five organizations:
1. The International Bank for Reconstruction and Development (IBRD)
The International Bank for Reconstruction and Development was created in 1944 to help Europe
rebuild after World War II. Today, IBRD provides loans and other assistance primarily to middle
income countries.
IBRD is the original World Bank institution. It works closely with the rest of the World Bank
Group to help developing countries reduce poverty, promote economic growth, and build
prosperity.
IBRD is owned by the governments of its 188 member countries, which are represented by a 25member board of 5 appointed and 20 elected Executive Directors.
The institution provides a combination of financial resources, knowledge and technical services,
and strategic advice to developing countries, including middle income and credit-worthy lower
income countries. Specifically, IBRD:
Supports long-term human and social development that private creditors do not finance
Preserves borrowers' financial strength by providing support in times of crisis, when poor
people are most adversely affected
Promotes key policy and institutional reforms (such as safety net or anti-corruption reforms)
Creates a favorable investment climate to catalyze the provision of private capital
Facilitates access to financial markets often at more favorable terms than members can
achieve on their own
IBRDs Services

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The World Bank Group works with middle income countries simultaneously as clients,
shareholders, and global actors. As this partnership evolves, IBRD is providing innovative
financial solutions, including financial products (loans, guarantees, and risk management
products) and knowledge and advisory services (including on a reimbursable basis) to
governments at both the national and subnational levels.
IBRD finances projects across all sectors and provides technical support and expertise at various
stages of a project.
IBRDs financial products and services help countries build resilience to shocks by facilitating
access to products that mitigate the negative impact of currency, interest rate, and commodity
price volatility, natural disasters and extreme weather.
Unlike commercial lending, IBRDs financing not only supplies borrowing countries with
needed financing, but also serves as a vehicle for global knowledge transfer and technical
assistance.
Advisory services in public debt and asset management help governments, official sector
institutions, and development organizations build institutional capacity to protect and expand
financial resources.
IBRD supports government efforts to strengthen not only public financial management, but to
also improve the investment climate, address service delivery bottlenecks, and other policy and
institutional actions.
2. The International Development Association (IDA)
The International Development Association (IDA) is the part of the World Bank that helps the
worlds poorest countries. Established in 1960, IDA aims to reduce poverty by providing loans
(called credits) and grants for programs that boost economic growth, reduce inequalities, and
improve peoples living conditions.
IDA complements the World Banks original lending armthe International Bank for
Reconstruction and Development (IBRD). IBRD was established to function as a self-sustaining
business and provides loans and advice to middle-income and credit-worthy poor countries.
IBRD and IDA share the same staff and headquarters and evaluate projects with the same
rigorous standards.
IDA is one of the largest sources of assistance for the worlds 77 poorest countries, 39 of which
are in Africa. It is the single largest source of donor funds for basic social services in these
countries. IDA-financed operations deliver positive change for 2.8 billion people, the majority of
whom survive on less than $2 a day.
IDA lends money on concessional terms. This means that IDA charges little or no interest and
repayments are stretched over 25 to 38 years, including a 5- to 10-year grace period. IDA also
provides grants to countries at risk of debt distress.
In addition to concessional loans and grants, IDA provides significant levels of debt relief
through the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief
Initiative (MDRI).
Since its inception, IDA has supported activities in 112 countries. Annual commitments have
averaged about $18 billion over the last three years, with about 50 percent of that going to

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Africa. For the fiscal year ending on June 30, 2014, IDA commitments reached $22.2 billion
spread over 242 new operations. 12 percent of the total was committed on grant terms.
3. International Finance Corporation (IFC)
The International Finance Corporation (IFC) is an international financial institution that
offers investment, advisory, and asset management services to encourage private sector
development in developing countries. The IFC is a member of the World Bank Group and is
headquartered in Washington, D.C., United States. It was established in 1956 as the private
sector arm of the World Bank Group to advance economic development by investing in strictly
for-profit and commercial projects that purport to reduce poverty and promote development. The
IFC's stated aim is to create opportunities for people to escape poverty and achieve better living
standards by mobilizing financial resources for private enterprise, promoting accessible and
competitive markets, supporting businesses and other private sector entities, and creating jobs
and delivering necessary services to those who are poverty-stricken or otherwise vulnerable.
Since 2009, the IFC has focused on a set of development goals that its projects are expected to
target. Its goals are to increase sustainable agriculture opportunities,
improve health and education, increase access to financing for microfinance and business clients,
advance infrastructure, help small businesses grow revenues, and invest in climate health.[5]
The IFC is owned and governed by its member countries, but has its own executive leadership
and staff that conduct its normal business operations. It is a corporation whose shareholders are
member governments that provide paid-in capital and which have the right to vote on its matters.
Originally more financially integrated with the World Bank Group, the IFC was established
separately and eventually became authorized to operate as a financially autonomous entity and
make independent investment decisions. It offers an array of debt and equity financing services
and helps companies face their risk exposures, while refraining from participating in
a management capacity. The corporation also offers advice to companies on making decisions,
evaluating their impact on the environment and society, and being responsible. It advises
governments on building infrastructure and partnerships to further support private sector
development.
The corporation is assessed by an independent evaluator each year. In 2011, its evaluation report
recognized that its investments performed well and reduced poverty, but recommended that the
corporation define poverty and expected outcomes more explicitly to better-understand its
effectiveness and approach poverty reduction more strategically. The corporation's total
investments in 2011 amounted to $18.66 billion. It committed $820 million to advisory services
for 642 projects in 2011, and held $24.5 billion worth of liquid assets. The IFC is in good
financial standing and received the highest ratings from two independent credit rating agencies in
2010 and 2011.

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The Multilateral Investment Guarantee Agency (MIGA)

MIGA is a member of the World Bank Group with 181 member countries. Our mission is to
promote foreign direct investment (FDI) into developing countries to help support economic
growth, reduce poverty, and improve people's lives.
Our strategy
MIGAs operational strategy plays to our foremost strength in the marketplaceattracting
investors and private insurers into difficult operating environments. We focus on insuring
investments in the areas where we can make the greatest difference

Countries eligible for assistance from the International Development Association (the worlds
poorest countries)

Fragile and conflict-affected environments

Transformational Projects large scale and significant investments, with the potential for
bringing about transformational change in the host country

Energy Efficiency and Climate Change - complex energy and infrastructure projects that
improve energy capacity as well as transportation projects that have a positive impact on
pollution control (such as mass transport)

Middle Income Countries where we can have strong impact

MIGA offers comparative advantages in all of these areasfrom our unique package of products
and ability to restore the business community's confidence, to our ongoing collaboration with the
public and private insurance market to increase the amount of insurance available to investors.
As a multilateral development agency, MIGA only supports investments that are
developmentally sound and meet high social and environmental standards. MIGA applies a
comprehensive set of social and environmental performance standards to all projects and offers
extensive expertise in working with investors to ensure compliance to these standards.
Our products
We fulfill our mission by providing political risk insurance guarantees to private sector investors
and lenders. MIGAs guarantees protect investments against-non-commercial risks and can help
investors obtain access to funding sources with improved financial terms and conditions. Our
unique strength is derived from our standing as a member of the World Bank Group and our
structure as an international organization with our shareholders including most countries of the
world. Since our inception in 1988, MIGA has issued more than $28 billion in political risk
insurance for projects in a wide variety of sectors, covering all regions of the world.
We also conduct research and share knowledge as part of our mandate to support foreign direct
investment into emerging markets. This underscores our position as a thought leader and source
of pertinent information for the political risk insurance community.
Our team

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Our people have extensive experience in political risk insurance, with backgrounds including
banking and capital markets, environmental and social sustainability, project finance and sector
specialties, and international law and dispute settlement. Meet our senior management.
Our shareholders
A Council of Governors and a Board of Directors representing our member countries guide the
programs and activities of MIGA. MIGAs corporate powers are vested in the Council of
Governors, which delegates most of its powers to a Board of Directors. Voting power is
weighted according to the share of capital each director represents. The directors meet regularly
at the World Bank Group headquarters in Washington, DC, where they review and decide on
investment projects and oversee general management policies.

The International Centre for Settlement of Investment Disputes (ICSID)

ICSID is the worlds leading institution devoted to international investment dispute settlement. It
has extensive experience in this field, having administered the majority of all international
investment cases. States have agreed on ICSID as a forum for investor-State dispute settlement
in most international investment treaties and in numerous investment laws and contracts.
ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes
between States and Nationals of Other States (the ICSID Convention). The ICSID Convention is
a multilateral treaty formulated by the Executive Directors of the World Bank to further the
Banks objective of promoting international investment. ICSID is an independent, depoliticized
and effective dispute-settlement institution. Its availability to investors and States helps to
promote international investment by providing confidence in the dispute resolution process.
ICSID provides for settlement of disputes by conciliation, arbitration or fact-finding. The
ICSID process is designed to take account of the special characteristics of international
investment disputes and the parties involved, maintaining a careful balance between the interests
of investors and host States. Each case is considered by an independent Conciliation Commission
or Arbitral Tribunal, after hearing evidence and legal arguments from the parties. A dedicated
ICSID case team is assigned to each case and provides expert assistance throughout the process.
More than 490 such cases have been administered by ICSID to date.
ICSID also promotes greater awareness of international law on foreign investment and the ICSID
process. It has an extensive program of publications, including the leading ICSID ReviewForeign Investment Law Journal and it regularly publishes information about its activities and
cases. ICSID staff organize events, give numerous presentations and participate in conferences
on international investment dispute settlement worldwide.

The International Monetary Fund (IMF) is an organization of 188 countries, working to foster
global monetary cooperation, secure financial stability, facilitate international trade, promote
high employment and sustainable economic growth, and reduce poverty around the world.

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Why the IMF was created and how it works

The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New
Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a
framework for economic cooperation to avoid a repetition of the competitive devaluations that
had contributed to the Great Depression of the 1930s.
The IMF's responsibilities: The IMF's primary purpose is to ensure the stability of the
international monetary systemthe system of exchange rates and international payments that
enables countries (and their citizens) to transact with each other. The Fund's mandate was
updated in 2012 to include all macroeconomic and financial sector issues that bear on global
stability.
Functions of IMF
The IMFs fundamental mission is to ensure the stability of the international monetary system. It
does so in three ways: keeping track of the global economy and the economies of member
countries; lending to countries with balance of payments difficulties; and giving practical help to
members.
Surveillance
The IMF oversees the international monetary system and monitors the economic and financial
policies of its 188 member countries. As part of this process, which takes place both at the global
level and in individual countries, the IMF highlights possible risks to stability and advises on
needed policy adjustments.
Lending
A core responsibility of the IMF is to provide loans to member countries experiencing actual or
potential balance of payments problems. This financial assistance enables countries to rebuild
their international reserves, stabilize their currencies, continue paying for imports, and restore
conditions for strong economic growth, while undertaking policies to correct underlying
problems. Unlike development banks, the IMF does not lend for specific projects.
Technical Assistance
The IMF helps its member countries design economic policies and manage their financial affairs
more effectively by strengthening their human and institutional capacity through technical
assistance and training. The IMF aims to exploit synergies between technical assistance and
trainingwhich it calls capacity developmentto maximize their effectiveness.
Organization and Finance
The IMF has a management team and 17 departments that carry out its country, policy,
analytical, and technical work. One department is charged with managing the IMFs resources.
This section also explains where the IMF gets its resources and how they are used.
Management
The IMF has a Managing Director, who is head of the staff and Chairperson of the Executive
Board. The Managing Director is appointed by the Executive Board for a renewable term of five
years and is assisted by a First Deputy Managing Director and three Deputy Managing Directors.

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Staff
The IMFs employees come from all over the world; they are responsible to the IMF and not to
the authorities of the countries of which they are citizens. The IMF staff is organized mainly into
area; functional; and information, liaison, and support responsibilities.
IMF resources
Most resources for IMF loans are provided by member countries, primarily through their
payment of quotas.
Quotas
Quota subscriptions are a central component of the IMFs financial resources. Each member
country of the IMF is assigned a quota, based broadly on its relative position in the world
economy.
Special Drawing Rights (SDR)
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member
countries official reserves.
Gold
Gold remains an important asset in the reserve holdings of several countries, and the IMF is still
one of the worlds largest official holders of gold.
Borrowing arrangements
While quota subscriptions of member countries are the IMF's main source of financing, the Fund
can supplement its quota resources through borrowing if it believes that they might fall short of
members' needs.