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WTO delegates fail to agree on terms to remove farm barriers.
(From Lloyds List)
Byline: John Zarocostas in Geneva
WORLD Trade Organisation global trade talks have become entangled in a major political crisis after top officials from 145 countries failed to agree on Friday the terms that would govern the removal of costly farm barriers that distort international trade in agricultural commodities.
The snag over farm reform is also expected to adversely affect progress in other segments on lowering barriers to industrial goods and trade in services including maritime transport.
According to senior diplomatic sources, the US is to host a secret meeting in Geneva this week with top envoys from a cross section of 25 rich and developing countries to try and determine how the talks will proceed between now and the WTO ministerial meeting in Cancun in September.
But some WTO ambassadors fear there is a real risk the gridlock over farm trade coupled with the impact of the Iraq war could prevent any movement between now and September.
If everything is left to be hammered out at Cancun there is a serious risk the meeting ...
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