Trade ministers from around the world gathered on Tuesday on the Indonesian island of Bali to begin talks seen as critical for attempts to liberalise global trade.
The Ninth Ministerial Conference of the World Trade Organization (WTO) aims to simplify international customs procedures, reduce agricultural subsidies and offer aid for the poorest countries.
The International Chamber of Commerce has forecast that a deal in Bali would lead to 21 million new jobs, mostly in developing countries, and create an incentive for investments worth $960 billion.
A successful conclusion to the four-day summit could also revive the stalled Doha round of talks on creating global standards for trade.
Many participants believe however that a failed meeting could further harm the WTO’s significance as a global trade forum.
Some countries, including India, have raised objections to parts of the so-called Bali package, leaving prospects for an agreement uncertain.
WTO Director General Roberto Azevedo called on representatives of the 159 WTO member states to show willingness to compromise.