The gap between rich and poor nations proved too wide to bridge, and negotiations broke off amid finger-pointing and concern that the failure to reach agreement could unravel the global trade order. In place of one system, it is feared that governments will embrace bilateral and regional deals.
The crash at the talks in Cancun, Mexico, last week, is not the end of the world; it is a warning, however. Trade rules have changed. Developing nations are demanding that they too benefit from trade liberalization. Failure to deliver on that promise will jeopardize hopes of future progress.
While there was near universal agreement that the Cancun talks would be contentious and difficult, it was generally believed that the posturing would run its course about a day or two before the deadline, negotiators would get down to business and the compromises would begin. Fear of failure would steer the finance ministers toward some sort of deal.