Amidst tense moments, the nine-day World Trade Organisation talks collapsed on Tuesday as India and China refused to come under American pressure to yield on the issue of giving safeguards to farmers against surge in imports.
"There is no use beating about the bush. This meeting has collapsed," WTO chief Pascal Lamy said.
While India and China, the two fastest growing economies in the world, insisted on sufficient protection for their vulnerable farmers, the US -- facing an economic downturn -- was not ready for a deal.
Despite the setback, the WTO will continue to focus on resolving disputes, with its members saying they remain committed to global commerce and the world trade body's role.
Text: PTI and Agencies
Image: Commerce Minister Kamal Nath gestures outside the World Trade Organisation headquarters after crucial trade talks collapsed on July 30, 2008, in Geneva. | Photograph: Fabrice Coffrini/AFP/Getty Images
Also read:
Top 10 BPO companies in India
Advertisement
