The talks ended dismally when poor nations refused to drop their demand that wealthy nations stop subsidizing their agriculture. And based on comments by two key participants -- U.S. Trade Representative Bob Zoellick and Brazilian Minister of Development, Industry and Trade Luiz Furlan -- it may be a while before the two sides reconcile.

In a September 22 op-ed piece in the Financial Times, Zoellick pointed the finger at a group of developing countries led by Brazil for trying to define "victory [in trade talks] in terms of political acts rather than economic results."

Furlan, however, dismisses his U.S. counterpart's contention. "Zoellick is just playing his role. He cannot very well say the U.S. is responsible for what happened in Cancún," Furlan tells Institutional Investor. Contrary to Zoellick's assertions, the Brazilian says, developing countries "were not interested in blocking Cancún -- we wanted the negotiations to go ahead."

Counters a spokesman for Zoellick, "Brazil didn't put anything on the table."