The World Trade Organisation’s 147 member states have reached a deal to re-launch global trade talks and cut farm subsidies.

The Doha Round of talks collapsed last year in Cancun, Mexico, after members failed to reach an accord on farm subsidies, but is now back on track, according to WTO officials.

One of the aims of the Doha Round is to agree on a reduction of the subsidies rich nations pay to their farmers, a move which would give farmers in the developing world better access to markets. At the recent five-day negotiations in Geneva, several key WTO members, including the EU, Japan and the US, agreed to eliminate export subsidies at a so-far-unspecified date and to limit other subsidies and lower tariff barriers, reported Reuters.

Despite the optimism expressed by trade officials from several nations, many analysts warned tough negotiations lie ahead before the round can be completed.