On 08 July 2026, the World Trade Organization (WTO) published a joint statement from the Heads of the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group (WBG) and itself, that it had met on 07 July 2026 as part of the high-level coordination group established in April to maximise their institutions’ response to the energy, trade, and economic impact of the war in the Middle East. Following the meeting, they issued the statement below:
“We met to take stock of energy, trade and economic developments, to discuss the situation in vulnerable countries, and to further coordinate our support to those in need. The global economy has been broadly resilient to the shock from the war in the Middle East, even as some economies have experienced a slowdown in growth and an uptick in inflation. Overall, the impact has been highly uneven, affecting energy supplies, food security, various commodities and economic activity across many countries and regions and creating deeper concerns about growth and price stability.
We encourage further progress toward resolving the conflict and reopening the Strait of Hormuz. Fuel and fertiliser prices have dropped since we last met in June. However, uncertainty remains high, and the war’s impacts could linger. Energy markets and the transit of goods are still under strain. Governments and the international community should remain vigilant and continue to work together to uphold the principle of freedom of navigation in the Strait and globally, support economic recovery, protect jobs and livelihoods, strengthen energy and food security, including through improving port infrastructure and trade facilitation, and increase broader resilience to future shocks.
We will continue to work together and with our members to closely monitor energy, trade and economic developments. We will further strengthen our readiness to act if needed and continue adapting our support to countries as the situation evolves. That includes helping them build greater energy, food, trade and economic resilience.”
About the IEA
The IEA, the global energy authority, was founded in 1974 to help its member countries coordinate collective responses to major oil supply disruptions. Its mission has expanded and evolved since, and rests today on three main pillars: ensuring global energy security; expanding energy cooperation and dialogue worldwide; and supporting a secure, affordable and sustainable energy future.
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About the IMF
The IMF is a global organisation that supports economic growth and prosperity for all 191 of its member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increasing productivity, job creation and economic well-being. The IMF is governed by and accountable to its member countries.
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About the WBG
The WBG works to create a world free of poverty on a liveable planet through a combination of financing, knowledge and expertise. It consists of the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID).
More information is available on their respective websites:
- www.worldbank.org
- ida.worldbank.org/en/home,
- www.ifc.org,
- https://www.miga.org/
- https://icsid.worldbank.org/
About the WTO
The WTO is the international body responsible for governing global trade rules among its 166 members. It provides a forum for negotiating agreements, monitors trade policies, and ensures transparency and predictability. The WTO also helps settle trade disputes among its members and offers technical assistance to developing economies. Its objective is to facilitate the smooth flow of trade and support economic growth, stability and job creation.
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