Global trade and finance

Australia takes a prominent part in three important bodies charged with special global responsibilities in trade, the international financial system and development finance. They include:

General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO)

Australia was a founding member of the GATT which was established in 1948. Until 1995 the GATT was the only multilateral instrument for the conduct of international trade and the promotion of trade liberalisation. Australia was an active participant in the eight rounds of trade liberalisation negotiations conducted since the GATT entered into force and has always been a consistent defender of non-discriminatory and trade liberalising policies. The Uruguay Round negotiations, which concluded in 1994, resulted in the establishment of the World Trade organization (WTO) in Geneva, which oversees and facilitates the implementation and operation of the GATT, now called "GATT 1994". The WTO also extends its coverage to new agreements, such as the Agreement on Services, the Agreement on Agriculture, the Agreement on Trade-Related Intellectual Property Rights, and includes improved disciplines on trade in goods. The Uruguay Round also developed improved dispute settlement provisions to resolve trade disputes.  While the WTO, like its predecessor the GATT, is outside the UN system, it is the only global international organisation dealing with the rules of trade between nations.

World Bank Group

Founded in 1944, the World Bank Group consists of five closely associated institutions: the International Bank for Reconstruction and Development (IBRD); International Development Association (IDA), International Finance Corporation (IFC); Multilateral Investment Guarantee Agency (MIGDA); and the International Centre for Settlement of Investment Disputes (ICSID). Australia is a member of all five of the World Bank institutions. The World Bank Group's responsibilities are principally to help countries reduce poverty, particularly by focusing on the institutional, structural and social dimensions of development. 

International Monetary Fund (IMF)

The IMF was founded in 1944 to promote international monetary cooperation; facilitate the expansion and balanced growth of international trade; promote exchange stability; make its resources temporarily available to its members experiencing balance of payments difficulties under adequate safeguards; and shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members. Australia was one of the 29 original signatories to the IMF's Articles of Agreement, and continues to be actively involved with the body and its activities. The IMF's core mandate includes the promotion of international financial stability and the macroeconomic stability and growth of member countries.