Talks on cutting trade tariffs on hundreds of information technology goods failed to reach agreement on Friday, casting doubt on the fate of a deal estimated to be worth $1 trillion to global trade.
“This is potentially an enormous deal. We missed an opportunity here this week to conclude it,” US Ambassador Michael Punke told reporters at the World Trade Organization (WTO).
The WTO countries involved in the talks are expected to reconvene in 2015 to see if they can find a way to overcome the blockage, which several participants had blamed on a deadlock between China and South Korea over liquid crystal display (LCD) screens.
South Korea, home to top LCD producer LG Display Co Ltd , wanted LCD screens to be one of the products to have its tariffs slashed by the deal, they said. But China, which wants to foster its own LCD industry, had steadfastly refused.