It is not news that trade negotiators have missed yet another deadline in their effort to complete the World Trade Organisation’s Doha development round. What is surprising is the complete lack of reaction by financial markets.

The markets are undoubtedly discounting – accurately – the chances of success in a process that has already dragged on for more than four years. There is, however, another more troubling prospect. The fact is that negotiators have yet to discuss anything that really matters either in commercial terms or in terms of achieving the development goals that provided the original impetus for the round.