Trade talks 'fail to tackle tough issues'

Trade negotiators failed to tackle the toughest issues in a draft agreement circulated at world trade talks today, showing that only modest progress was being made as the meeting entered its final hours.

The text, which is likely be revised further before the six-day World Trade Organisation conference in Hong Kong ends tomorrow, touches on a broad array of topics ranging from cutting agricultural subsidies to opening markets to services like insurance and banking. But it was riddled with loopholes and gaps that could prove hard to close with little time left.