WORLD TRADE  
ORGANIZATION   
WT/WGTDF/W/69 
8 November 2012 
 (12-6153) 
Working Group on Trade, Debt and Finance  
  
 
DRAFT REPORT (2012) OF THE WORKING GROUP ON  
TRADE, DEBT AND FINANCE TO THE GENERAL COUNCIL 
- COMMENTS TO BE SENT TO THE SECRETARIAT BY NOVEMBER 23 - 
 
 
1. The Working Group on Trade, Debt and Finance met three times in 2012, on 27-28 March, 
under the Chairmanship of Mr. Martin Gl ass (Hong-Kong, China), on 15 June, under the 
Chairmanship of Ambassador Hisham Badr, and on 26 November, under the Chairmanship of 
Ambassador Faizel Ismail (South Africa). Since 2011, the agenda of the working group has been 
dominated by the examination of the relationship betw een exchange rates and trade. However, in two 
of these meetings, the Working Group has also b een taking stock of the on-going work on trade 
finance, in particular the report by the Secr etariat on the initiatives of the Director-General. 
 2. The Working Group has met over two days on March 27 and 28, in a seminar format, to discuss the direct and indirect economic effects of exchange rate volatility and misalignments on global, regional and sector trade flows. This semi nar had been proposed by the delegation of Brazil in 
Document WT/WGTDF/W/57, and agreed by Member s. After consultations, the consensus reached 
for the main parameters of this seminar included fo ur half-day sessions to discuss the perspective of 
the various actors on the relationship between exch ange rates and trade - the private sector, the 
government sector, the international institutions and academia. Each session was introduced by a 
moderator and a panel of four speakers, followed by  statements, questions and answers. The Director-
General's opening statement and presentations by most speakers have been posted on the WTO 
website. The report of the meeting/semi nar is contained in WT/WGTDF/M/24. 
 3. The Working Group met on June 15, to take stock of the above-mentioned seminar and to 
consider future steps. The seminar had been consid ered as useful and had contributed to deepening the 
understanding of an inherently complex relationship between exchange rates and trade. In principle, 
however, Members were willing to continue the discussion mainly from an analytical point of view. 
Members were encouraged to flag any new literatu re on the subject matter, which the delegation of 
China did (WT/WGTDF/W/66). At the request of Memb ers, the Secretariat prepared a limited update 
of its literature survey (WT/WGTDF/W/65). To prepare for the next step of discussions, Brazil announced that it will submit a proposal based on na tional meetings and seminars. The Secretariat 
reported on a meeting of the DG's Expert Gr oup on Trade Finance (WT/WGTDF/W/63). The report 
of the meeting is contained in WT/WGTDF/M/25.  4. [The Working Group met on November 26.  The delegation of Brazil presented its new 
submission, contained in WT/WGTDF/W/68. Members offered initial reactions to it. The Secretariat 
also reported on a meeting of the DG's Expert  Group on Trade Finance (WT/WGTDF/W/67).]  
 5. On [28 November 2012], the Working Gr oup adopted its Annual Report (2012) to the 
General Council on a lapse-of-time basis.   
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