The Organization for Economic Cooperation and Development said that the global trade talks could still be revived and that a deal could be made if all involved nations cooperate. The OECD made these comments during a conference, which took place in Buenos Aires. Both the Inter-American Development Bank and the World Trade Organization (WTO) also joined the meeting. The WTO nations were supposed to reach a consensus and come up with an outline of a global free trade agreement last July. But the global trade negotiations collapsed due to the failure of the members, particularly the key players, to resolve their differences. On one hand, the wealthier nations have called for the developing countries to open their markets for foreign goods. On the other hand, the developing nations have urged the richer members to offer further cuts in their agricultural subsidies and import duties.

At present, the United States provides a $20 billion subsidy to its farmers every year, while the European Union imposes steep duties on import products to protect local farmers. But the G20, which is composed of developing countries, have called for the richer nations to lead the efforts in reviving the global trade talks by improving their offer. Meanwhile, the recent assembly, which took place in Argentina, dealt with important trade and agricultural issues concerning Latin America. During the gathering, the OECD stressed that any progress in trade and agricultural negotiations would benefit many countries.

According to a study conducted by the OECD, price support schemes and farm tariffs could only do little in ensuring financial support for farmers and their families, protecting nature, promoting economic development, and sustaining healthy communities in rural areas. According to the organization, nations should shift from production and price related aid to rules, which could directly resolve trade issues and help them reach their targets. The OECD also said that if progress could be made in agriculture, then it could also be attained in other sectors of trade and economy. The Doha Development Round of trade talks was launched in 2001 with the objective of promoting commerce liberalization and resolving poverty in many poor nations. But the future of the global trade talks looks dim due to many disagreements among the WTO members. Nations though are set to meet before the end of 2006 in Geneva in order to discuss the resumption of the talks. The WTO has been aiming to complete the negotiations before the negotiating authority of US President George W. Bush expires in July 2007.