As the end of July nears, it seems that the talks on global trade at the World Trade Organization (WTO) may face the same fate they had three months ago when negotiations were stalled due to irreconcilable differences among members. Despite their recent assembly in Geneva, the WTO members have failed to settle their disputes and arrive at a consensus regarding the reduction of farm subsidies and import tariffs. One of the major factors impeding any progress in the llobal trade talks is the disagreement among the United States, the European Union, and the developing countries such as India and Brazil. Both the US and the EU have long argued as to which of them ought to make sufficient concessions. At the same time, the two have called for the developing nations to make their markets more accessible to foreign manufactured goods.

However, the world's trading powers have agreed to hold another meeting in Geneva in an attempt to break the deadlock at the Doha Development Round of trade talks. The trade ministers from the United States, Europe, Japan, Australia, India, and Brazil all hope to reach a deal that will improve trade relations in agricultural and industrial products. Yet if the ongoing discussions fail, the members of the Global Trade bloc are at risk of not being able to reach a global trade deal before the end of 2006.

Negotiators of the WTO talks have already warned the members that if the latter fails to make a significant progress, talks scheduled on July 28-29 may be canceled. It must be noted that the scheduled assembly in Geneva is the latest attempt of the WTO nations to revive the stalled trade talks. Earlier this month, WTO Director General Pascal Lamy warned the members that the negotiations were in a crisis situation after. Mr. Lamy also urged the members to cooperate more in order to resolve the trade disputes and thus make a llobal trade deal.

During the recent G8 summit in St. Petersburg, the leaders of the world's richest nations have also called for a collective effort from all the members of the global trade bloc. According to the G8 ministers, a collective effort among the WTO nations was needed in order to fuel the stalled trade talks. Aside from the G8 leaders, the assembly was also attended by leaders from developing countries. Likewise, Mr. Lamy was present during the annual summit.

Amidst pressures at the global trade negotiations, there are rumors that both the EU and the US are close to reaching a deal in order to break the deadlock at the Doha Development Round of trade talks. According to reports, the United States could further cut its subsidies while the EU has stated already that it is ready to offer up to 54% reduction on it agricultural tariffs.

Right now, time is a major concern at the WTO considering that the global trade discussions are two years behind their original deadline. Moreover, the members must work fast in order to reach a global trade deal this year before the special negotiating authority of US President George W. Bush ends in 2007. After that, it will be more difficult to obtain the approval of the US Congress as regards any deal.