Washington, Dec 9 (IANS)

The International Monetary Fund (IMF) has welcomed the breakthrough in multilateral trade negotiations as global trade ministers reached a historical deal at the World Trade Organisation's (WTO) meeting in Indonesia.

The breakthrough agreement reached in Bali by the WTO reaffirms the international community's commitment to an open trade system which boosts global growth and jobs, and cuts poverty, Xinhua reported citing IMF chief Christine Lagarde.

"I fully support WTO Director General Roberto Azevedo's determination to use this opportunity to move the broader Doha Development Agenda forward, and overcome the significant challenges that still lie ahead."

After more than a decade of negotiations and missed deadlines, the 159-member WTO Saturday achieved a breakthrough in its multilateral trade negotiation by sealing its first-ever trade package at its ninth ministerial meeting.