The forecast is for heavy winds and light drizzle. The economic case for a new WTO round is compelling. That is equivalent to adding an economy the size of Canada to the world economy. All countries would gain from further multilateral liberalisation. Of course, these are only estimates.
Reasonable people can quibble about the exact size of the gains from a new round.
For instance, a study by the Tinbergen Institute finds that the potential benefits of a new round in agriculture alone to the developing world would be three times what it receives each year in development aid. The political challenge is to ensure that we grasp the opportunity of freer trade rather than succumbing to the threat of protectionism. Time is short, but the need is great. This month, the negotiations on agriculture and services that have been underway in Geneva for the past year pause for stock-taking. These two sectors, which together account for two-thirds of the world economy, are key building blocks of a new round.