Leading countries in the crisis-hit “Doha round” of trade talks on Monday announced emergency meetings between ministers over the next two weekends, after the US, Brazil and some European Union countries signalled they would compromise to reach a deal.

The decision was announced after talks in Geneva on Monday night between the core group of six – the EU, US, Japan, Brazil, India and Australia. It followed a stark warning from Pascal Lamy, director-general of the World Trade Organisation, who told the Group of Eight heads of government in St Petersburg that the round would collapse unless they made concessions.