8.1.      World Trade Organization (WTO)

World Trade Organization Overview:

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).

What it is: The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.

Who we are: The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs and improve people’s lives. The WTO operates the global system of trade rules and helps developing countries build their trade capacity. It also provides a forum for its members to negotiate trade agreements and to resolve the trade problems they face with each other.

Source:

World Trade Organization. (2023). About WTO: Overview.

Video: Let’s Talk WTO

Canada and the World Trade Organization (WTO)

The World Trade Organization (WTO), established in 1995, provides a common institutional framework for conducting trade relations among its 164 Members, including:

• Administering WTO trade agreements and providing a forum for negotiations of new rules among its members
• Administering the rules and procedures concerning the conduct of handling trade disputes between its members
• Facilitating the monitoring of Members’ trade policies to help ensure transparency and compliance with WTO trade agreements
• Providing technical assistance and training to help developing country Members take full advantage of the multilateral trading system

Canada has been a member of the WTO since the organization’s establishment and is a strong proponent of the multilateral trading system. Creating opportunities for Canadian workers and businesses through WTO participation on a global scale is a central part of our trade policy.

Canada endorses the goal of universal membership in the WTO and participates in all negotiations of countries seeking to join the organization.

Source:

Government of Canada (2023). Canada and the World Trade Organization (WTO).

8.2.      International Monetary Fund (IMF)

The IMF works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.

The IMF was established in 1944 in the aftermath of the Great Depression of the 1930s. 44 founding member countries sought to build a framework for international economic cooperation. Today, its membership embraces 190 countries, with staff drawn from 150 nations. The IMF is governed by and accountable to those 190 countries that make up its near-global membership.

Source:

International Monetary Fund. (2022). About the IMF.

Video: The IMF Explained

8.3.      World Bank

With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

History: The past 70 years have seen major changes in the world economy. Over that time, the World Bank Group—the world’s largest development institution—has worked to help more than 100 developing countries and countries in transition adjust to these changes by offering loans and tailored knowledge and advice.

What we do: The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.

Organization: The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries’ ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.

People: The World Bank operates day-to-day under the leadership and direction of the president, management and senior staff, and the vice presidents in charge of Global Practices, Cross-Cutting Solutions Areas, regions, and functions.

Directors: The World Bank Group Boards of Directors refers to four separate Boards of Directors, namely the Board of the International Bank for Reconstruction and Development (IBRD), the International Development Agency (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). Each Board is responsible for the general operations of their respective organization.

Source:

World Bank. (2023). About the World Bank.

Canada’s International Relations

What is Canada’s role in international organizations, trade negotiations and sanctions? Canada’s presence abroad includes embassies, consulates, high commissions, and trade offices. Canada also maintains several permanent missions to international organizations.

Canada’s partnerships and priorities by world region:

• North America: How Canada, the United States and Mexico collaborate on addressing economic, security and environmental challenges.
• Circumpolar Regions: Canada’s partnerships and priorities for addressing the challenges and opportunities in the changing Arctic.
• Europe: Canada’s partnerships and priorities in Europe.
• Latin America and the Caribbean: Canada’s partnerships and priorities in Latin America and the Caribbean.
• Asia-Pacific: Canada’s partnerships and priorities in the Asia-Pacific region.
• Middle East and North Africa: Canada’s partnerships and priorities in the Middle East and North Africa.
• Sub-Saharan Africa: Canada’s partnerships and priorities in Sub-Saharan Africa.

Source:

Government of Canada. (2023). Canada’s International Relations.