WTO, Int'l Financial Organizations Call for G20 Trade Openness to Boost Growth

The heads of the International Monetary Fund (IMF), World Bank and World Trade Organization (WTO) called on G20 leaders to expand trade cooperation between countries in order to accelerate global growth, according to official statement.

WASHINGTON (Sputnik) — The heads of the International Monetary Fund (IMF), World Bank and World Trade Organization (WTO) called on G20 leaders to expand trade cooperation in order to accelerate global growth, a joint statement from the three officials said on Thursday.

"The economic well-being of billions of people depends on trade. Deeper trade integration twinned with supportive domestic policies can help boost incomes and accelerate global growth. This calls for decisive actions by world leaders gathering for the G-20 Summit this week," IMF Managing Director Christine Lagarde, World Bank President Jim Yong Kim and WTO Director-General Roberto Azevedo said in the joint statement.

The three officials warned that trade barriers have the adverse effect of lowering overall growth, reducing output and harming workers.

"Stepping up trade reform is essential to reinvigorate productivity and income growth, both in advanced and in developing countries," they said.

Moreover, the three officials called on world leaders to remove existing trade barriers as well as reduce subsidies and other measures that distort trade.