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Contents

Executive Summary and Recommendations

1. Introduction

2. Trade Policy Challenges Facing the Membership
   1. Tackling Restrictive Trade Regimes
   2. The Multilateral Reform Agenda
   3. Regional Integration Initiatives
      
      
3. Modalities of Fund Work on Trade
   1. Surveillance
   2. Fund-Supported Programs
      
      

4. Collaboration with the WTO and the World Bank
   1. IMF and World Bank
   2. IMF and WTO
      
      

5. Issues for Further Consideration

6. Resource Implications

7. Issues for Discussion

References

Tables

1. Trade Restrictiveness Index (TRI) Ratings and Average Tariffs by Region
2. Trade Policy Content of PRSPs as of End-2004
3. Estimates of the Impact of Protection in Various Services Sectors
4. Coverage of Trade Issues in Article IV Staff Reports—Considerations
5. Coverage of Trade Issus in Recent Article IV Staff Reports
6. Customs Unions and Economic Communities
7. Recent Coverage of Trade Issues in the WEO
8. Incidence of Conditionality on Tariffs and NTBs in Fund Programs
9. FAD Trade-Related TA
10. Vehicles of IMF, World Bank, and WTO Trade Policy Advice

Figures

1. Percent Change in Average Export Unit Values Following a 40 Percent Cut in Preference Margins
2. Evolution of Regional Trade Agreements, 1948-2002
3. Bilateral Agreements vs. Global Trade Reform
4. Fund Research on Trade, by Topic
5. Trade Conditionality, by Measure

Boxes

1. Bilateral Surveillance Themes by Income Group
2. Fund Research on Trade
3. Fund Support of the Doha Round and other Trade-Related Communication
4. Trade Integration Mechanism
5. Trade-Related Technical Assistance and Institution-Building
6. Day-to-Day Collaboration Between the IMF and the WTO
7. Criticisms of Trade-Related Advice by the Fund

Annexes

1. Selected Legal Aspects of the Fund's Mandate on Trade
2. Staff Guidelines on Trade Policy Advice