TEMPO.CO, Geneva - The World Trade Organization (WTO) representing 159 countries failed to come to an agreement on global commerce on Tuesday during a marathon session in Geneva, Switzerland. Despite massive efforts, negotiators have failed to fix a deal causing a shadow of doubt to loom over talks to be discussed during a WTO Summit in Bali from December 3 to December 6.
"The reality is that we have proved that we can't cross the final yard here in Geneva. The process here is over," World Trade Organization chief Roberto Azevedo told reporters after the marathon session ended without a final accord.
The Bali summit is seen as the last chance to revive the WTO's "Doha Round" talks, launched in 2001 at a summit in Qatar. The Doha Round aims to produce a wide-ranging accord to open markets and remove trade barriers, with a key goal being to harness international commerce to develop poorer economies.
By some estimates, Azevedo noted, a final deal could provide a US$1 trillion boost to global commerce. Yet talks have been stalled repeatedly as wealthy countries, emerging powers and the world's poorest nations battle over the give and take needed to form a deal.
Azevedo warned that a "failure in Bali will have grave consequences for the multilateral trading system".
"We will fail not only the WTO and multilateralism. We will also fail our constituencies at large, the business community and, above all, the most vulnerable among us," he added. "We will fail the poor worldwide. Not a single human being living in poverty anywhere in the world will be better off if we fail in Bali," he added.
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