International Monetary and Trade Organization

International Monetary and Trade Organization

Abbreviation	IMTO
Formation	September 3, 1993 (1993-09-03)
Founded at	Suyang, Haesan
Type	Intergovernmental organization
Purpose	Promote international monetary cooperation, facilitate international trade, establish international commercial and monetary principles, prevent and assist with recovery from international financial crises
Headquarters	Suyang, Haesan
Location	IDU member states
Official language	English
Secretary General	Yulia Sari
Chief Economist	Shinji Nakayama
Budget (2022)	£912 million
Staff (2022)	3,500
Website	IMTO.org

The International Monetary and Trade Organization (IMTO) is a voluntary intergovernmental organization which facilitates free trade, promotes international monetary cooperation, establishes and facilitates guidelines for the international commercial order, and provides guidance and aid to nations in economic crises. As an omnibus institution on trade, commerce, and monetary policy, the IMTO has grown into the single largest international economic organization in the IDU. It is headquartered in Suyang, Haesan, and has over 3,000 employees across its myriad of branches.

Founding

In the early 1990s, the Conservative Bishop administration in Haesan sought to create an institution that would more readily facilitate free trade between Haesan and its allies, in order to grow the nation's burgeoning manufacturing economy. Bishop found a willing partner in High Fells, who at that point was liberalizing after the Hansen regime's autocratic tendencies, and welcomed the ability to work closely with its traditional Haean ally, especially after the passage of Haean Language Administration Act by Haesan's National Assembly in 1991. The two nations were joined by Misumi, then in a bitter price competition with the Novella Islands over high end personal electronics, and signed the Queensgrace Memorandum in December 1991, establishing a formal intent to form an organization that outlined and enforced the rules of an international trade system with minimal tariffs. By July 1992, the parties, now joined by Aredoa and Slokais Islands in signing the Seimei Framework, outlining a set of "free trade" requirements that can be ignored in case of an conflict with "vital national security". It also created a proportional vote share system, where those with higher trade volumes have a larger impact in setting new regulations. The outline also included a neutral council of economists and lawyers appointed by member nations on a rotating basis who would help make rulings regarding enforcement and compensation in case of rules violations.

Later that year, the Framework was finally ready to be implemented, and the ground was broken on a headquarters for the organization on Bay Street in Suyang. At this point the project had garnered international interest, as capitalist nations from around the IDU were eager to get involved. By the time construction was completed in September 1993, 11 countries had joined, the five Framework nations, along with Greater Acadia, Legionas, Lehvant, Opthelia, Sanctaria, and Xiomera. The organization, founded as the International Trade Association, ultimately implemented a modified version of the Seimei Framework under the rules of one country, one vote, while greatly reducing the leverage of larger nations, as the original signatories grew concerned about the old system tilting in favor of new arrivals with many times their population. Over the coming years, many nations would join the Association, seeing the economic benefits it provided to its member states.

Members

Country	Membership type	Year joined	IMC member?	Notes
Allied Cities	Member	1994	Yes
Andhrapur	Member	1999	Yes
Aredoa	Founder	1993	Yes
Auria	Member	2003	Yes
Eiria	Member	2015	Yes
Elalia	Member	2000	Yes
Esilie	Member	2000	Yes
Gardavasque	Member	1996	Yes
Glanainn	Member	1994	No
Greater Acadia	Founder	1993	Yes
Grundhavn	Member	1995	Yes
Haesan	Founder	1993	Yes
High Fells	Founder	1993	Yes
Huenya	Member	2022	Yes
Kerlile	Member	2000	No
Kolda	Member	2011	Yes
Laeral	Member	2007	Yes
Lao Sansong	Member	2008	No
Lauchenoiria	Member	2015	Yes
Legionas	Founder	1993	Yes
Lehvant	Founder	1993	Yes
Libertas Omnium Maximus	Member	1994	Yes
Mallacaland	Member	2017	Yes
Manabí Rive	Observer	2022	No
Misumi	Founder	1993	Yes
Milintica	Withdrawn	2021	No
Novella Islands	Observer	2003	No
Nuiqsut Confederation	Member	2013	Yes
Opthelia	Founder	1993	No
Pharitaya	Member	1999	Yes
Roucourt	Observer	2020	No
Sanctaria	Founder	1993	Yes
Salad Land	Member	2014	Yes
Serriel	Member	2003	Yes
Slokais Islands	Founder	1993	Yes
Teyè	Member	2000	Yes
Whetosonghnee	Member	2010	Yes
Wosteaque	Member	1995	Yes
Xiomera	Suspended/Withdrawn	1993	No
Zargothrax	Withdrawn	1995	No
Zongongia	Member	2020	Yes

International Trade Association

The International Trade Association (ITA) is the oldest and largest of IMTO's organs, established in 1993 as the organization's founding chamber. The ITA's founding purpose was to lower or eliminate tariff restrictions to free trade amongst IMTO members, but its mandate has gradually shifted over its existence. In the mid 2000s, a voluntary Free Trade Council was founded, of which about half of ITA members have joined, in which members agree to void all tariffs amongst each other, excepting cases of national security. Membership to the Free Trade Council is currently only possible with the approval of two thirds of Council member states.

ITA policy is set by a weighted one nation, one vote system, in which larger economies have slightly more voting power. Currently, Sanctaria, the most powerful single vote in the ITA, is weighted about three times as heavily as that of Salad Land, the weakest single vote. Disputes regarding tariff establishment or unequal enforcement in violation of ITA rules are handled by the Trade Equity Committee, comprised of 15 justices appointed by a rolling selection of member states for 5 year terms. A 2022 amendment prompted by the withdrawals of Xiomera and Zargothrax has ensured that states lose their justice spot and voting power once they fail to pay their IMTO dues. Additionally, the Free Trade Council maintains its own separate council, the Free Trade Governance Board, with one justice appointed per member nation, to resolve trade disputes amongst its members in violations of the regulations of the Council and award damages, if necessary.

International Monetary Council

The International Monetary Council (IMC) is both the most well-funded and controversial organ of IMTO. Founded in part on the behalf of the Haesanite government after the Monetary Crisis of 2004, the International Monetary Council helps provide nations struggling with debt with the ability to restructure that debt, in exchange for allowing its network of expert economists to help rework the nation's economy.

International Commercial Bureau

In 2010, the International Commercial Bureau (ICB) was established in order to more adequately handle jurisdictional disputes resulting from international arbitration litigation. The landmark 2009 case Haesan v. MNSC, et. al involved the Haesanite government suing the Maximusian National Shipping Company and other large foreign logistics companies like Aegir Shipping Lines for breach of contract over failing to pay hundreds of millions in port access fees and back taxes under a newly enacted legislation passed by the National Assembly. Lawyers for the shipping lines argued in chancery court that the premise of the case was inherently biased against their clients due to jurisdictional concerns, and that any trial in front of Haesanite judges would be inherently unfair. The case went to the High Court of Haesan who ruled that the creation of an independent arbitral organization would be required in order to apply Haesanite law in a neutral and unbiased way. As such, the Haesanite Ministry of Justice solicited the help of IMTO in order to bring about that organization, which would become the International Commercial Bureau.

The International Commercial Bureau maintains a set of courtrooms for the purposes of holding neutral venues for international arbitration. The largest facility is at the IMTO headquarters in Suyang, but other facilities are maintained in Laeralsford (2013), Haven (2015), Iustitia City (2015), Geminus (2018), Seimei (2018), and Jezaire (2021), with plans for more in New Liverpool (2025), Melissa City (2027), and, geopolitical concerns permitting, Ixtenco (2028). The ICB also provides other services relating to international arbitration, including support for finding economic experts, helping to provide or suggest arbiters for the often complicated disputes, and maintaining and updating a neutral law of arbitration which can be used in arbitration in lieu of any specific national law.