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Fears for collapse of trade talks World trade talks reportedly fail
(about 4 hours later)
Talks aimed at rescuing a deal to liberalise world trade appear close to collapse in Geneva amid deep differences between delegations. Marathon talks in Geneva aimed at liberalising global trade are reported to have ended without agreement.
Import protection remains the main stumbling block, with the US on one side and China and India on the other. The trade talks collapsed after China, India and the US failed to agree on import rules, trade officials told news agencies Reuters and AP.
European Union Trade Commissioner Peter Mandelson said failure of the talks was an appalling prospect. Earlier, European Union Trade Commissioner Peter Mandelson warned a stalemate was an "appalling" prospect.
World Trade Organisation delegates are trying to ease international trade rules and boost global economic growth. The talks were launched in 2001 in Doha and were seen as providing a cornerstone for future global trade.
The negotiations have entered a ninth day. An official statement is expected later after ministers have concluded a meeting.
The US is looking at enhancing its commercial interests whereas I am looking at protecting the livelihood of farmers Kamal Nath,Indian commerce minister class="" href="/1/hi/business/7517028.stm">Q&A: Crunch trade talks They are considered the last chance to save the so-called Doha round of talks. The negotiations had floundered as trade officials gathered for a ninth day.
They were launched in 2001 with the aim of remedying inequality so that the developing world could benefit from free trade. The US is looking at enhancing its commercial interests whereas I am looking at protecting the livelihood of farmers Kamal Nath,Indian commerce minister class="" href="/1/hi/business/7517028.stm">Q&A: Crunch trade talks class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5136&edition=1">Your views: Can a deal be reached?
But BBC international development correspondent David Loyn, who is in Geneva, says the round appears to be breaking down amid acrimonious public exchanges, with the US accusing India and China of blocking progress. Repeated failure
The Doha development round of trade talks initially started in 2001 with the aim of remedying inequality so that the developing world could benefit more from freer trade.
However, the talks have repeatedly collapsed as developed countries failed to agree with developing nations on terms of access to each others' markets.
The US and the European Union want greater access to provide services to fast-growing emerging countries, including China and India.
Meanwhile, developing countries want greater access for their agricultural products in Europe and the US.
Recent complications
Analysts have said that the collapse of the Doha talks could symbolise an end to multilateral trade agreements.
Instead, nations may pursue dual agreements with partner nations, preferring to focus on their own requirements rather than a more common negotiating goal.
The talks in Geneva were complicated by recent increases in the price of food and fuel.
Higher prices have prompted protests in both developed and developing nations, making it harder for negotiators to reach a compromise on opening up their markets to greater competition, analysts said.
Acrimonious exchanges
Trade officials struck an optimistic tone on Friday, but this evaporated over the weekend amid acrimonious exchanges with the US accusing India and China of blocking progress.
The US says they are being overly protective towards their own farmers and are failing to do enough to open their markets.The US says they are being overly protective towards their own farmers and are failing to do enough to open their markets.
India's Commerce Minister Kamal Nath rejected the charge, saying: "The US is looking at enhancing its commercial interests whereas I am looking at protecting the livelihood of farmers."India's Commerce Minister Kamal Nath rejected the charge, saying: "The US is looking at enhancing its commercial interests whereas I am looking at protecting the livelihood of farmers."
Chinese Commerce Minister Chen Deming echoed Mr Nath, saying the US was "asking a price as high as heaven".Chinese Commerce Minister Chen Deming echoed Mr Nath, saying the US was "asking a price as high as heaven".
Deep freeze The main stumbling block was farm import rules, which allow countries to protect poor farmers by imposing a tariff on certain goods in the event of a drop in prices or a surge in imports.
Mr Mandelson, who has been criticised by some of his own EU members for offering too much in cutting farm subsidies, says only big compromises will bring a deal. India, China and the US could not agree on the tariff threshold for such an event.
"If they do not stretch a bit further, if they do not show that flexibility, if they do not demonstrate the will to compromise... then I'm afraid then the deal will go down. It's an appalling a prospect as that," he said.
What is your reaction to the apparent collapse of the trade talks? Where do the negotiators go from here? Send us your comments using the form below.
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Indonesian Trade Minister Marie Elka Pangestu said some negotiators were willing to stay as long as it took to reach an agreement.
But our correspondent says if it appears there are no prospects of bridging the gap the talks could wind up soon with no agreement.
That would put reform of world trade into the deep freeze for several years to come, he says.