WASHINGTON - International Monetary Fund members discussed ways to increase “peer pressure” on countries to follow and improve global trade rules to reduce growth-sapping uncertainty, IMF managing director Kristalina Georgieva said on Saturday.
“In the discussions here, what we advanced was the understanding building more, if you wish, peer pressure, for everybody to play by the trade rule-book, and be willing to expand and improve this rule-book,” Georgieva said. In a communique issued on Saturday, the IMF’s steering committee said that trade tensions were among the key downside risks to the global economy and called for reform of the World Trade Organization.
The United States over the past three years has often shunned references to trade multilateralism as it pursues bilateral trade agreements under President Donald Trump’s “America First” trade policies.
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