Due to disagreements on agricultural and industrial goods between the U.S. and countries with emerging economies, the World Trade Organization (WTO) has failed to secure a new global commerce pact before the end of the year, reports the Associated Press.
WTO Director-General Pascal Lamy had hoped to invite top trade negotiators to Geneva to work out the many issues hindering a deal designed to lower trade barriers; however, the meeting has been delayed until next year.
"I think it is the prudent thing to do given the gaps we have seen," U.S. Ambassador Peter Allgeier says. "We are deeply disappointed we have not reached that stage yet."
The U.S. and emerging powers such as China and India continued to be at odds over an American demand for massive tariff cuts in the global chemicals sector, while others disagree with the hundreds of millions of dollars in cotton subsidies the U.S. distributes every year to growers.
(Source: Associated Press)
