WTO

World Trade talks collapse

Article published on the 2008-07-29 Latest update 2008-07-30 10:46 TU

Cotton picker in Burkina Faso
(File Photo: Reuters)

Talks on a new world trade pact broke down without an agreement in Geneva Tuesday evening. The talks, aimed at reaching a global trade pact, had run into a ninth day and ministers failed to settle differences on subsidies and import tariffs. The United States clashed with China and India over access to their rapidly growing markets, especially in food products.

"We won't see a conclusion to the round this year," New Zealand Trade Minister Phil Goff told reporters after the meeting.

Negotiations stalled over proposals for import tariff measures to protect poor farmers, which would have left the possibility of imposing a special tariff on some agricultural goods in the event of an import surge or price fall.

India wanted a special plan in place for a lower import surge level than had been proposed in order to protect its farmers.

Indian Commerce Minister Kamal Nath refused to change his proposal, claiming that he had the backing of around 100 developing nations.