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This commentary by Luke Eric Peterson, on behalf of IISD's Trade and Investment Team, looks at the nature and potential impact of the collapse of talks at the Fifth WTO Ministerial Conference, held in Cancun, Mexico, in September 2003. "The short-term outlook for the Doha Round does not look propitious," writes Peterson. "While the round had been characterized by a series of missed deadlines in the lead-up to Cancun, recriminations have flown in the wake of the Cancun collapse; as have suggestions that countries like the United States will simply choose to trade with countries to whom it will not need to make any deep concessions in advance of next year's presidential elections."