Economy

Implementation is key to Bali deal’s success: WTO chief

Our Bureau Bangalore | Updated on January 28, 2014 Published on January 28, 2014

Roberto Azevedo WTO Director General



World Trade Organisation (WTO) Director-General Roberto Azevedo said that the “Bali job is not yet over” and effective implementations are the key to meet the objectives of increasing global trade and creating additional jobs.

Addressing the industry at the CII Partnership Summit, Azevedo pointed out that a lot more needs to be done post the Bali Summit, which was held in December 2013 where all the 190 countries agreed on increasing global trade volumes, tackling trade barriers and creating employment for 21 million people.

Inequalities globally will pose a danger to the sustainability of the global trading system and countries should adopt a ‘holistic approach’ to the WTO negotiations on market access to non-agriculture goods, agriculture and services, he said.

Azevedo said that he did not believe in the very simplistic view that globalisation will resolve all issues. “I don’t believe we are all part of a global productive chain — therefore everything is resolved,” he added.

Azevedo, who took over as WTO chief in September 2013, has been pushing for streamlining customs procedures globally, advancing commitments on some agricultural issues, generating new opportunities for our poorest members and opportunities for entrepreneurs.

Economists forecast that the Bali package will provide a significant boost to the global economy, with up to $1 trillion per year to the global economy and generating up to 21 million jobs across the developed and developing world. Azevedo’s observations come at a time when a December WTO report on G-20 trade measures pointed out that trade restrictions are on the rise, with 116 new trade restricting measures being identified over the preceding six months.

Published on January 28, 2014
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