The work of the IMF and the WTO is complementary. A strong international financial system is needed to support dynamic international trade, while a fluidity of trade helps reduce the risk of payment imbalances and financial crises. The two institutions cooperate to ensure a strong international trade and payment system, open to all countries. Such a system is essential to enable economic growth, improve living standards and reduce poverty worldwide. As we try to pursue New Zealand`s trade objectives through the World Trade Organization (WTO), which involves more than 160 economies, the WTO consensus process means that progress can be slow and agreements may not address the specific interests and problems of some countries. Free trade agreements are an additional means of promoting our trade interests. This can create opportunities for cooperation in the areas of labour and the business environment of mutual interest, as well as a robust consultation and dispute settlement mechanism for the settlement of issues or disputes between the parties. The most significant environmental and labour outcomes to date of all New Zealand trade agreements are included in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Regular consultation: The IMF has observer status in certain WTO bodies and may participate in meetings of certain WTO committees and working groups. The WTO Secretariat participates in meetings of the IMF Executive Board or the Liaison Committee with the World Bank and other international organizations on issues of common interest. Macrocritical trade issues may be part of the Fund`s surveillance activities and may, if necessary, be addressed in IMF-supported programs to achieve program objectives. Similarly, IMF surveillance reports are important contributions to regular WTO reports on member countries` trade policy reviews.
Free trade agreements can reaffirm the importance of maintaining and enforcing competition law, transparency and due process with provisions for cooperation and consultation/notification in competition policy, in particular where anti-competitive behaviour may have affected trade and investment between countries. For example, New Zealand often attempts to introduce rules limiting and disciplining certain categories of subsidies of particular importance, including those that harm our export markets or harm the environment, such as subsidies that encourage the use of fossil fuels or unsustainable fishing practices. . . .