Executive summary

The first Section of the World Trade Report 2004 discusses recent developments in the structure, value and volume of international trade in goods and services, and trade prospects for 2004. It also includes analyses of non-reciprocal preferences, the international movement of persons supplying services, and geographical indications. The second Section of WTR 2004 then examines the subject of policy coherence, stressing the importance of complementary national policies to enable trade liberalization to create larger benefits for society. It focuses on four important areas of economic policymaking. They are: i) the macroeconomy; ii) the state of infrastructure and infrastructural services, particularly in areas linked closely to trade performance (transport, telecommunications, financial services and business services); iii) market structure, with special emphasis on the level of competition and presence of externalities; and iv) the quality of institutions. The last part of the second Section of the Report then explores the international dimensions of coherence, identifying the role of international cooperation in supporting coherent policy formulation at the national level, particularly in the field of trade policy.