All Negotiations Suspended As WTO Talks Fail

According to Indian Commerce Minister Kamal Nath, talks between six key World Trade Organization members in Geneva have failed and all further discussions have been suspended.

The talks at the informal trade negotiations committee of the WTO failed after a marathon 14-hour meeting between representatives of the six nations -- Australia, Brazil, European Union, Japan and US, besides India.

Without naming the US, Nath said in a statement earlier at the meeting that “unfortunately one member is unable to make any effective reduction in trade distorting subsidies, but at the same time is insisting that developing countries open up their markets to provide access to their subsidized products."

Besides India, the meeting was attended by ministers from Australia, Brazil, European Union, Japan and the US attended the meeting called by WTO chief Pascal Lamy.

Trade negotiations are stuck on the two most contentious issues of farm subsidies and industrial tariffs due to adamant stance adopted by six key trading nations.

The failure of this meeting has jeopardized the future of Doha Round of world trade talks.