WTO meet in Bali fails to reach consensus

, Dec 7: Discussions aimed reviving trading rules were suspended after opposition from a group of Latin American nations led by Cuba.

The meet held at Bali was organised by World Trade Organisation.

The bloc comprising of Bolivia, Nicaragua and Venezuela, refused to agree to a deal in part as it didn't include a proposal that may affect the 53-year-old U.S. trade embargo against Cuba, Bloomberg BNA reported from Bali, where the talks are taking place.

The members are scheduled to meet again later on Saturday as negotiators attempted to revive the deal that would smooth cross-border commerce and protect farm programs in developing nations.

WTO ministers were nearing a deal after the US and India sorted out issues over agriculture policy.

The proposed deal may boost the global economy by $1 trillion and transform the Geneva-based WTO as a forum for international trade deals, say experts.

Cuba wanted language in the text to prohibit WTO members from applying discriminatory measures to goods for any reason, according to BNA.