Legal Aspects of the WTO-IMF Relationship Revisited

Abstract

The relationship between the World Trade Organization (WTO) and the International Monetary Fund (IMF) has given rise to recurrent legal issues in international economic law, during times of financial turbulence, such as the 1970s economic crisis, 1997 Asian financial crisis, and the current difficulties. The institutional link between the WTO and IMF was formalized through an agreement between two organizations. This chapter aims to contribute to the old debate on the WTO/IMF relationship by accounting for new developments. The second section briefly contrasts the constitutional features, institutional design and decision-making of the WTO and IMF. The third section addresses jurisdictional conflicts between the WTO and IMF. The fourth section determines the nature of the consultation requirement as set out in Article XV of the GATT1994. The fifth section examines issues arising from the special exchange arrangement. The sixth section looks at the IMF's involvement on trade activities. Keywords: agreement; Article XV; GATT 1994; institutional design; International Monetary Fund (IMF); legal issues; trade activities; World Trade Organization (WTO)