Below is an extract from the speech given by Mr Lamy on 6 February at the Geneva Lectures on Global Economic Governance; the full text of the speech can be read here.

The multilateral trading system is now 60 years old, which happens to be my age. So I speak from experience when I say this is an age at which it often makes sense to peer into the future by examining the lessons from the past.

Which is what we did in our 2007 World Trade Report when we took an in-depth look at the General Agreement on Tariffs and Trade (GATT) and its successor the WTO — the origins, the achievements, the challenges they faced, and what the future holds.

The story is one of remarkable change and adaptation of a system that has contributed much to post-war stability. But it is also the story of a system which has not yet delivered all it could and which still faces formidable challenges. The global trading system has been a source of prosperity, stability and predictability for six decades. It has underpinned an unprecedented period of economic growth and development, in which we have seen an amazing reduction in poverty.

Despite, some would say because of, an initial weaker institutional setting than the Bretton-Woods institutions, the GATT system was remarkably successful. Over time, the GATT conducted successive rounds of negotiations, embraced new members and gained additional responsibilities. It achieved an impressive record in trade opening, providing an expansion of trade and a security beyond even the most optimistic predictions.