DAVOS, Switzerland — Indonesia may hold the key to a $1 trillion injection into the global economy.
That’s how much the World Trade Organization believes is riding on talks later this year in Bali, when trade ministers hope to cut through some of the red tape that slows global commerce.
Indonesia’s Foreign Minister Marty Natalegawa told The Associated Press that failure is not an option and that a strong effort is being put in to ensure that the WTO meeting in Bali is “crowned with success.”
Trade ministers agreed Saturday at the World Economic Forum in Davos that some of the key elements of a global trade deal can be fleshed out by summer, in preparation for ministerial talks in December.
The current trade talks, known as the Doha Round, began in 2001.