In late September, economic weakness around the world caused economists at the World Trade Organisation in Geneva to scale back their forecasts. In 2012, trade would no longer expand at a rate of 3.7 per cent, as previously predicted, but 2.5 per cent instead. For 2013, the prognosis was also reduced – to an expansion of 4.5 per cent from 5.6 per cent.

It was the latest sign that persistent trouble in the global economy – from slow growth in developing countries to slowdowns in some emerging economies – was limiting the strength in the recovery of global trade after the dip it took during the 2008/09 financial crisis.

For Pascal Lamy, director-general of the WTO, it was the latest sign that additional action was required on a policy level to rev up the engine of global trade. “More needs to be done,” Mr Lamy said. “We need a renewed commitment to revitalise the multilateral trading system which can restore economic certainty at a time when it is badly needed.”