Failure to do so risks a repeat of the “calamities” that followed the Great Depression and the Second World War, when widespread protectionism hampered the global recovery, they warned.

Christine Lagarde, the IMF’s managing director, said global trade had served as the “engine of global growth and prosperity” and was a “powerful tool to raise growth and improve living standards”.

While academic evidence shows deals have helped to double trade in the long run, the IMF, WTO and World Bank recognised that liberalisation had also led to swathes of job losses.

“Adjustment to trade can bring a human and economic downside that is frequently concentrated, sometimes harsh, and has too often become prolonged,” they wrote in a report.