On March 1st, 2007, The Bretton Woods Committee's Multilateral Roundtable held its quarterly meeting on the topic of a developing country's stake in trade and the role of the World Bank.
Presentation Topics
The Trade Agenda, Trade Liberalization & Developing Countries
World Bank's Interest In and Support for Trade Reform & Trade Liberalization
U.S. Views on the Trade Agenda: The Doha Round & Free Trade Agreements
Featured Speakers
Uri Dadush
Director of the World Bank Trade Department
Richard Newfarmer
Economic Adviser, World Bank International Trade Department & Prospects Group
Matthew Rohde
Deputy Assistant U.S. Trade Representative for WTO & Multilateral Affairs
Dr. Dadush gave a presentation outlining the worldview of the Bank with regards to trade policy. He emphasized that we are at the beginning of a long process of integrating the formerly planned economies into the world market. He named four main obstacles to trade:
Protectionism in Agriculture
Protectionism in Services
South-South trade barriers
"Behind the Border" barriers
In his presentation, Richard Newfarmer illustrated the interaction between the Bank and a country seeking to increase its trade. With the example of Mauritius, Dr. Newfarmer explained the analysis and technical advice that the World Bank can provide to countries. With this assistance, the government of Mauritius was able to institute a reform program in 2006.
Matthew Rohde praised the Bank for its efforts on trade and raised several issues of concern. In particular, he called for a greater focus on rules and follow-through for developing countries, an aspect of trade facilitation that he felt had been neglected. Mr. Rohde also expressed concern for the public perception of trade liberalization, a sentiment that was echoed by many of the Roundtable's members.
In a discussion following the presentation, the Multilateral Roundtable considered several factors:
Improving information available to the public on the benefits of free trade
The role of social safety-nets in reducing anxiety over job loss
Possible benefits to be gained from organizing by sectors
The significant impact of remittances to developing countries
The importance of implementing and enforcing trade policies that are beneficial to consumers as well as business
A consensus emerged that there remains a great deal of work both for the World Bank and the private sector in promoting the benefits of trade liberalization to the general public.
Audio Transcripts:
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Doing Business 2007: "What Gets Measured Gets Done"
Featured Speaker: Dr. Simeon Djankov Chief Economist, Indicators Group, Financial & Private Sector Vice Presidency
World Bank & the International Finance Corporation
The 2007 edition of International Finance Corporation's highly acclaimed report Doing Business, which ranks the ease of doing business in 175 countries worldwide, was launched on September 2006. The analysis in Doing Business has direct relevance for policy reform. It reveals the relationship between business regulation and economic and social outcomes, allowing policymakers to see how particular laws and regulations are associated with poverty, corruption, employment, access to credit, the size of the informal economy, and the entry of new firms. The Doing Business initiative has become a catalyst for reform and an important measurement tool for progress in reform.
During the Doing Business meeting on February 9th, Dr. Djankov presented an in-depth look at the crucial role the Doing Business reports serve in encouraging and providing guidance on the design of reforms. He shared some surprising findings when rating countries with regulations most compatible with doing business. Nordic countries such as Denmark and Norway ranked a high seventh and ninth, respectively. Top reformers included not only transition countries and regions, such as Africa but it included developed countries such as France.
Approximately 55 reforms around the world can be attributed to the Doing Business initiative. On a social perspective, these reforms were shown to significantly lower the rate of unemployment in these countries - revealing a strong link between a more flexible labor law and a lower unemployment rate.
The recording of the meeting and presentation can be found below.
Doing Business 2007 focuses on reforms, identifies top reformers in business regulation, and best practices in how to reform. This volume is the fourth in a series of annual reports investigating global regulations that enhance business activity and those that constrain it. Co-sponsored by the World Bank and the International Finance Corporation - the private sector arm of the World Bank Group - this year's report measures quantitative indicators on business regulations and their enforcement compared across 175 countries - from Afghanistan to Zimbabwe - and over time. www.doingbusiness.org
Simeon Djankov is the creator of the Doing Business series. In his 11 years at the World Bank, he has worked on regional trade agreements in North Africa, enterprise restructuring and privatization in transition economies, corporate governance in East Asia, and regulatory reforms around the world. Simeon was a principal author of the World Development Report 2002. He holds a PhD in economics from the University of Michigan at Ann Arbor and has published over 60 articles in academic journals, including in Quarterly Journal of Economics, American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Public Economics, and Journal of Comparative Economics.
Audio Transcript:
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Multilateral Roundtable Kick-Off Event:
A Day at the World Bank
The Committee held its' Multilateral Roundtable kick-off event, a "Day at the World Bank", on November 13, 2006. With the support of the U.S. Executive Director, Jennifer Dorn, the meeting took place at the World Bank headquarters.
The Committee identified select companies representing key sectors and industries to participate in the kick-off event. Among the 30 participating companies were Sony, Mars Pfizer, Siemens, Medtronic, Altria, HSBC, 3M, John Deere, Oracle, Intel, to cite a few.
At the gathering leading executives of the World Bank Group briefed company representatives on programs designed for the private sector. Participating companies had the opportunity to ask questions and provide comments to Bank executives who head divisions offering services or opportunities important to the private sector. Some of the key suggestions that emerged included:
The World Bank should use its leverage to promote trade liberalization
Business and the World Bank should cooperatively explore agricultural supply chain constraints
An examination is needed of the impact of trade agreements on health sectors of developing countries
Creation of a "Road show" - target/ pilot cities to promote the work of the IFC and other multilateral institutions
Establishment of an educational program and initiatives for local workers - and the need for World Bank guidance and input on how to proceed with this effort
A change of US public opinion on the notion of internationalism and international involvement. Post 9/11, the US public and Congress perceive "internationalism" and international engagements as negative elements
Assessment and improvement of the communication between the private sector and the World Bank on procurement issues
Speakers included:
Jennifer Dorn Juan Jose Daboub Lars Thunell Simeon Djankov Laszlo Lovei
Acting U.S. Executive Director, World Bank
Managing Director, World Bank
Executive Vice President, International Finance Corporation
Manager of the Indicators and Analysis, Private Sector Development, World Bank
Director, Infrastructure, Economics and Finance, Sustainable Development Network, World Bank
It is anticipated that the Multilateral Roundtable will meet quarterly to address issues important to both business and the multilateral institutions. The Committee will continue to gather inputs and ideas to shape the program of the Multilateral Roundtable.
October 2006
Tribute to James D. Wolfensohn
On October 25, friends and colleagues of James D. Wolfensohn and the Bretton Woods Committee gathered at the Mandarin Oriental in New York City to honor Mr. Wolfensohn's lifetime of public service and his extraordinary accomplishments. Andrea Mitchell (Chief Foreign Affairs Correspondent for NBC News) presided over the evening's program as master of ceremony along with Committee Co-Chair E. Gerald Corrigan and Executive Committee Chair Richard Debs. Senator Chuck Hagel, IMF Managing Director Rodrigo de Rato and President Emeritus of Harvard University, Lawrence Summers helped honor Jim with testimonial speeches. Mr. Wolfensohn was presented the Committee's Global Leadership Award, which has only been given once in the past to Paul A. Volcker. Letters of tribute were read from Secretary of State Condoleezza Rice, Paul Volcker and Alan Greenspan and a video tribute was presented featuring President Bill Clinton, Bono and a dozen other world figures. The evening proved to be a memorable event and a great success.
The Committee was honored to host Mr. Wolfensohn, his wife, Elaine and many of their friends in celebrating Jim's personal and professional achievements.
International Council Meeting 2006
On September 18, 2006, the Committee held its annual International Council meeting in Singapore at The Oriental. Sir David Walker chaired the meeting on behalf of the Bretton Woods Committee. Juan Jose Daboub, the new Managing Director at the World Bank, Agustin Carstens, Deputy Managing Director at the International Monetary Fund and Jean-Claude Trichet, President of the European Central Bank led the discussions. Some of the key recommendations included:
Recognizing the importance of the private sector: the IMF and the World Bank should engage in a dialogue with the private sector on issues such as the new contingent finance facility;
Harmonizing policies and strategies between lenders, private sector and multilateral and bilateral institutions;
Working with integration: in the transition of a world that has been government-led to a world that is increasingly market-led, integrate the work of private financial institutions with the work of the multilaterals and determine how this could be accomplished;
Increasing government pledges to IDA 15 and examining the role of the International Council on this issue;
Helping multilateral institutions to solve various "free rider problems" including the provision of new loans to countries following multilateral debt reduction;
Resolving the question of finance if the IMF and the World Bank increasingly provide public goods; and
Deciding whether the WTO and growing protectionism should be part of the International Council's mandate.
In conjunction with the Annual Meeting of the World Bank/IMF, the next International Council meeting will take place in October 2007.
May 2006
Annual Meeting 2006
The Bretton Woods Committee's Annual Meeting was held on Tuesday, May 23, 2006, at the World Bank in Washington, D.C. Presentations and discussions in the morning were followed by a luncheon featuring Deputy Manager of the IMF Agustin Carstens and World Bank President Paul Wolfowitz.
A number of first-rate speakers presented including Secretary of Agriculture Michael Johanns, new IFC head Lars Thunell, Commerce Under Secretary for International Trade Frank Lavin, Chairman of the House Foreign Operations Subcommittee Representative Jim Kolbe (R-AZ), and Deputy Assisant to the President and Deputy National Security Advisor Faryar Shirzad. Discussions centered on the role of the private sector in development and the status and outlook for multilateral and bilateral trade negotiations.
World Economic Forum
On April 21, 2006, The World Economic Forum, United Nations Department of Economic and Social Affairs (UNDESA) and the Swiss Agency for Development and Cooperation (SDC) hosted a discussion on their new report, Building on the Monterrey Consensus: The Untapped Potential of Development Finance Institutions to Catalyse Private Investment (click here to view report). Bretton Woods Committee members participated in discussing the reprot and exploring how development finance institutions could improve the way they use their capital and other capabilities to stimulate private investment in developing countries.
Luncheon honoring IDB President Luis Alberto Moreano
The Bretton Woods Committee hosted a luncheon in honor of new Inter-American Development Bank President Alberto Moreno on Tuesday, April 18 at the Four Seasons Hotel in Washington. During the luncheon, President Moreno spoke about his priorities for the IDB and the region's most pressing challenges.
March 2006
The Bottom of the Pyramid Symposium
On Wendesday, March 15, 2006, The Bretton Woods Committee held a symposium featuring C.K. Prahalad, author of the award winning new book about marketing to the world's poorest, The Fortune at the Bottom of the Pyramid. Mr. Prahalad was joined by Mr. Bruce McNamer, President and CEO of TechnoServe - a non-profit company offering business solutions to global poverty, Kai Schmitz, Executive Vice-President and COO of MicroFinance International Corp, and Jeff Morgan, Director of Global Marketing for Mars, Inc. Read the brochure. Check back for more documents from the symposium.
October 2005
The Future of Reform at the United Nations
On Tuesday, October 18, 2005, The Bretton Woods Committee held a luncheon entitled The Future of Reform at the United Nations at the Waldorf-Astoria Hotel in New York.
China and the International Financial Institutions Workshop
On October 3rd, The Bretton Woods Committee teamed up with the Congressional Research Service in hosting a workshop on China and the International Financial Institutions in Washington, D.C.
Annual World Financial Leader's Luncheon
The World Financial Leader's Luncheon is an annual event held by the Bretton Woods Committee. 26 September 2005. The Meridian House, Washington.
The luncheon also marked the first meeting of the Bretton Woods Committee's International Council. The Council is comprised of leaders from the private sector from Europe, Asia, Africa, the Americas and elsewhere. The Council exists to provide advice and other input from the private sector into the decision-making process at the multilateral institutions. The Council examines current policy issues and suggests alternatives to senior management, government officials and others.
May 2005
Farewell to James Wolfensohn
On May 25, 2005 the Bretton Woods Committee helped the World Bank say farewell to James Wolfensohn after his 10 years of dedicated and outstanding leadership.
April 2005
World Bank Private Sector Development Initiative Discussion
6 April 2005 at the International Monetary Fund, Washington.
Tribute to Paul Volcker
The first Global Leadership Award was presented to Paul Volcker by the Bretton Woods Committee at a gala tribute on 10 June 2004 in New York City.
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