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08/05/2013 07:07pm

India welcomes new WTO chief Roberto Azevedo

image India welcomes new WTO chief Roberto Azevedo
New Delhi, May 7 (KNN) India has welcomed the selection of Brazilian diplomat Roberto Azevedo, as the new Director-General of the World Trade Organisation (WTO).

“He brings with him rich experience of trade negotiations and a sound understanding of the complex issues related to international trade,” said Commerce and Industry Minister Anand Sharma in an official notification here today.

Azevedo who has been a representantive of Brazil at the World Trade Organisation since 2008 will replace Frenchman Pascal Lamy - a former European Union trade chief who has served two four-year terms as WTO chief - from September-1.

The first Latin American to head the WTO since its creation in 1995, he will be assuming office at a crucial juncture before the December Bali Ministerial Conference.

The Ministerial Conference is the highest decision-making body of the WTO.  It usually meets every two years. The eighth WTO Ministerial Conference was held last December in Geneva.

The aim of the Geneva-based WTO is to facilitate global trade, making the flow of goods and services around the world as free and fair as possible.

The WTO replaced the General Agreement on Tariffs and Trade (GATT) which had been overseeing the rules of commerce since 1948.  (KNN)

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