IMF chief hails WTO trade agreement

Managing Director of the International Monetary Fund (IMF) Christine Lagardeon Sunday said she welcomed the breakthrough in multilateral trade negotiations as global trade ministers reached a historical deal at the World Trade Organization's (WTO) meeting in Bali, Indonesia.

The breakthrough agreement reached in Bali by the WTO reaffirms the international community's commitment to an open trade system which boosts global growth and jobs, and cuts poverty, said Lagarde in a statement. "I fully support WTO Director General Roberto Azevedo's determination to use this opportunity to move the broader Doha Development Agenda forward, and overcome the significant challenges that still lie ahead."

After more than a decade of negotiations and missed deadlines, the 159-member WTO on Saturday achieved a breakthrough in its multilateral trade negotiation by sealing its first-ever trade package at its ninth ministerial meeting.