This report responds to the following questions by presenting insights from experience from across the globe: What are the values and benefits associated with water and wetlands? What are the roles of wetlands in terms of providing water and wetland related ecosystem services and what are their values? What is the wider set of ecosystem system services that water and wetlands provide and what are their values? What needs to be done to improve the consideration of the values and benefits of water and wetland in policy developments and in practical decision making? What approaches have been successfully used to date to respond to the challenges and take account of the values of water and wetlands? What existing examples demonstrate how policy, investment and water and land use decisions can be based on the values and benefits associated with water and wetlands? What are the recommendations for transforming the regional, national and international approaches for managing water, wetlands and their ecosystem services?