The controversial global trade talks has met its downfall on July after the unresolved arguments between the big unions, particularly the US and EU, over the subsidies and tariffs in the agriculture industry. Aside from the two large countries, other developing nations were also hesitant in opening their gates to welcome other countries in penetrating their markets.

After the said postponement, countries did not attempt to set up a formal meeting to restart the global trade rounds. However, Schwab emphasized that several member nations of the WTO are doing their best in an array of silent talks among the powerful key players of the Geneva-based organization to help restart the much-awaited meetings. The quiet contacts include the conference of farm exporters that was held in Australia last September.

Schwab also added that she has very high hopes that the Doha global trade rounds will possibly have a fruitful result. However, she said that she cannot give the exact time frame to when the said five-year old trade talks will gain a solid deal. The Doha round of talks was established way back five years ago with the mission of helping Third World nations and slow-developing countries to become progressive through international trade and the multilateral market scheme. It must be noted that all the preceding trade rounds returned to where they have started.

Meanwhile, Pascal Lamy, the director-general of the WTO said in an interview with the AFP that the 145 countries that belong to the global trade club can still settle their disputes to snag the solid agreement before the year 2008.

Schwab said that there can be some problems if the global trade talks will not be started early next year. The Trade chief eyes the expiration of Bush' administration to settle trade deals in June as one of the obstacles, plus the necessity for the US Congress to devise a new Agriculture Bill.

However, she declined that the declination among lawmakers in the US can destroy any possible global trade agreement. She also said that the momentum of having the trade talks running again cannot be put down by the opposition congressmen in case they gain control of the Congress houses. She added that whatever the results of the elections maybe, there will still be a vital quantity of assistance for the global trade coming from the two Congress parties.