The so-called Doha Round of trade talks among 148 World Trade Organisation (WTO) members is on the brink of collapse, Australian and New Zeeland ministers have warned.
"We are deeply pessimistic," Australian Agriculture minister Peter McGauran was quoted saying by Bloomberg.
Mr McGauran said the failure is likely because the European Union looks unwilling to offer bigger cuts in tarriff barriers for imported farm goods.
Meanwhile, New Zeeland's minister for agriculture and trade negotiations Jim Sutton has also warned of a failure if the EU's latest offer on farm tariffs does not change.
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