A trial of the new competition system is scheduled to take place at the 66^th Bocskai Memorial Tournament in Hungary next month.

It will bring together several current events with the hope of generating greater interest in boxing, giving athletes more opportunities and increasing the sport's media coverage.

"The new World Boxing Tour competition system was developed with the goal of bringing greater opportunities to our athletes, as well as event organisers all over the world," said IBA President Umar Kremlev.

"Boxing has a rich history and it is important we build on existing successes, in a sustainable way."

With the World Boxing Tour currently in development, further developments to ranking systems and upcoming events are set to be created in conjunction with national federations, host cities and athletes. 

"Boxing has given me so much and I am very honoured to be here in Hungary with a chance to help a new generation of boxers," said said István Kovács, secretary general of the International Boxing Association.

"The Bocskai Memorial Tournament is exactly the kind of event IBA must strive to preserve and develop.

"We will not be directing our resources just to create new competitions where they are not needed.

"Instead, we will work to promote and bring light to events like the one happening here only in a matter of days."

The Bocskai Memorial Tournament is one of the oldest elite boxing tournaments in Europe, with the first edition taking place in 1956.

The upcoming event is expected to see representatives from 20 countries across the 12 women's and 13 men's weight categories.