The World Trade Organisation (WTO) needs to get agreements on agriculture and industrial goods at a ministerial meeting in December if it is to conclude a new trade pact next year, a spokesman said today.
The WTO aims to complete the current round of trade talks, known as the Doha Development Agenda, by the end of next year.
"If we can reach agreement on modalities that would be a big breakthrough that would make reaching an agreement in 2006 a lot easier," WTO spokesman Keith Rockwell told a press briefing in Hong Kong, where the ministerial meeting will be held.
"Agriculture and Non-Agricultural Market Access are complex and time consuming. They could take a year, that's why we need to get agreement in Hong Kong," he said.
Non-Agricultural Market Access (NAMA) covers industrial goods. Talks on agriculture and NAMA were progressing, however, unlike discussions on services, which could be a major stumbling block to a final trade pact, Mr Rockwell said.
The World Bank has estimated the success of the talks could give a $500 billion-a-year boost to the global economy by lowering barriers to business ranging from farm goods to telecommunications and tourism.
A trade pact can only be concluded if framework deals, known as modalities, are agreed upon for all sectors.