Trade Minister Simon Crean says he is deeply disappointed at the failure of WTO members to secure a breakthrough in the WTO Doha Round in Geneva, Switzerland.
Mr Crean says the failure of the 153 WTO member countries to agree to a new global trade deal came despite obvious political commitment from all parties.
"I am disappointed that we will have lost valuable opportunities for Australia, and for all countries," Mr Crean said.
"This is particularly the case for developing countries, who were relying on us to help drive their trade, boost their development and reduce their poverty.
"What has been particularly frustrating is that a deal was clearly well within reach."
Mr Crean said there was only one issue relating to access to developing country markets that caused the deadlock.
"We couldn't resolve a safeguards mechanism that captured special circumstances, but didn't disrupt normal trade," he said.
"This was not for want of trying – but the inability to reach an accommodation has meant we have simply been unable to finalise the outline of this deal.
"What we must do now is ensure we do not lose the progress we have made or the potential gains that were on offer.
"We must work promptly to try to put the Round back on track."
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