Facing a midnight deadline World Trade Orgaisation (WTO) ministers mounted a final push today to seal a deal on world trade.
However, a long-standing US-European Union row over farm subsidies is threatening to wreck their chances.
After five days of haggling, ministers from the 142-member WTO were to re-convene in plenary session to debate a repeatedly revised draft declaration.
If, on this final day of talks, they overcome serious disagreements they could announce the start of a new round of multilateral talks to lower trade barriers.
As currently proposed the new cycle would end not later than January 1st, 2005. If the round succeeded in eliminating all trade barriers, the WTO said the world economy would be enriched by $1.9 trillion - the equivalent of adding two more Chinas to the global financial system.
Although a senior US trade official insisted an agreement was "definitely very do-able," French Foreign Trade Minister Mr Francois Huwart estimated the chances of success at 50-50.
The most menacing obstacle to a new round is a still a gaping rift between the European Union and the United States, along with its allies, on the other.
At issue is the future of agricultural export subsidies, which the EU has refused to eliminate despite pressure from the United States and nearly every other delegation here.