Special Adviser to UN Secretary General Ban Ki-Moon, Jeffery D Sachs, said: "Most countries were not ready for a bargain as a regime change is expected in the US." Talking after a conference organised by the Gita Mittal Foundation, Sachs blamed the lack of serious efforts by the member countries for the failure of the recent WTO talks.
"The new Government in the US will go for fresh negotiations at the WTO and will also look at broader cooperation on other subjects, including climate change, water problems and energy," he said.
Regarding the rising crude oil prices, Sachs said, "World economy is growing at a fast pace. Demand from the growing countries, especially from Asia, has jumped up swiftly and this has led to a spurt in oil prices."
He also blamed the automobile industry across the globe for the increasing consumption of fuel.