Roberto Azevêdo, the new head of the World Trade Organisation, has used his debut address to members to issue a rousing call for them to reach a deal in Bali later this year that would add up to $1tn to the global economy.
The Brazilian, who succeeded Pascal Lamy at the beginning of this month, has been given the task of re-energising the 159-member WTO at a time when many are questioning its value as a negotiating forum thanks to its inability to make progress in the now 12-year-old Doha round of trade negotiations.
Member countries have set a goal of reaching a limited “Doha Lite” agreement on food security and reducing bureaucracy at borders at the biennial ministerial meeting in Bali in December. Some analysts have put the potential benefit of such a deal to the global economy at up to $1tn.