"This is potentially an enormous deal. We missed an opportunity here this week to conclude it," U.S. Ambassador Michael Punke told reporters at the World Trade Organization (WTO).
The WTO countries involved in the talks are expected to reconvene in 2015 to see if they can find a way to overcome the blockage, which several participants had blamed on a deadlock between China and South Korea over liquid crystal display (LCD) screens.
South Korea, home to top LCD producer LG Display Co Ltd, wanted LCD screens to be one of the products to have its tariffs slashed by the deal, they said. But China, which wants to foster its own LCD industry, had steadfastly refused.
One trade official involved in the talks said South Korea had offered a number of concessions during the week, but there had been no reciprocal move by China. Other countries also offered changes to try to entice China to make the last small step needed for a deal, the official said.
Chinese trade officials were not available to comment, informs Report citing Reuters.
Although Friday's deadline for finishing the negotiation was an artificially imposed one, Punke had said the talks' "success or failure" would be decided this week. His European Union counterpart, Angelos Pangratis, had said: "Later it will not be easier ... Now is the moment."