World Trade Organisation Director-General Pascal Lamy has thrown in the towel and said that completion of the Doha Round of WTO global trade talks cannot happen before the end of the year.
Until this week Mr Lamy had remained positive that a deal could be struck yet this year, but conceded in Geneva that it could not be concluded in that timeframe.
However, he did say the consensus of WTO members he had talked with was they are still committed to the round of talks and he is hopeful that a framework agreement for the trade deal can be finished before year's end.
Meanwhile, a task force has been put together to examine the current global financial crisis's impact on trade.
Should it find that trade financing is being choked off, Mr Lamy says the WTO General Council will use its November 12 meeting to explore ways to alleviate the situation.
"One third of the world economy, mainly in emerging countries, still has a big growth potential," Mr Lamy said.
"We must try and make sure that this engine can work through trade."
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