The World Trade Organisation is set to fail to seal a breakthrough deal for free trade at a Hong Kong gathering in December, Egyptian Finance Minister Yusef Boutros-Ghali said Thursday.
"Actually, what I expect is not so much an agreement, because I think it's too late to have an agreement, but (an agreement that) allows a continuation of the negotiations," he told AFP.
Speaking here ahead of annual meetings of the World Bank and International Monetary Fund this weekend, Boutros-Ghali said the WTO's 148 members agreed on the principles of a deal.
"What I expect to happen is a positive development" for the talks to continue through 2006, he said.
The WTO ministerial meeting in Hong Kong on December 13-18 is meant to produce at least a basic accord on cutting customs duties, agricultural subsidies and other barriers to trade.
But time is getting tight for an agreement with the United States and European Union failing at talks Thursday to reach accord on cutting their heavy subsidies to farmers.