World trade talk splits tough to repair
A silhouette of an official at the WTO as a part of the last-ditch attempt to nail down a global trade deal.
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Stacey Vanek-Smith: World trade talks fell apart yesterday after seven years of on-again, off-again negotiations. The U.S., China and India couldn't reach an agreement on farm tariffs in the end. And of course, the U.S. just isn't the 800-pound gorilla we used to be. So what will this mean for global trade? Jennifer Collins takes a look.
Jennifer Collins: Splits caused by the Doha round of talks are going to be tough to repair. As the members of the WTO head home, many are wondering how world exchanges will look in the future.
Trade experts warn the collapse of these negotiations could spark a kind of land grab for new trade deals. Countries with booming economies might find easy access to markets like the U.S. But Carl Mortished of the Times of London says poorer nations might find themselves left out.
Carl Mortished: If you're Burkina Faso or Mali, there isn't a great deal you have to offer the world. But you do need open doors if you're going to develop your economy.
U.S. negotiators say they will continue to try iron out plans with developing nations. But developing countries will likely have to wait until after the presidential election. And any deals will still require Congress's approval.
I'm Jennifer Collins for Marketplace.