Global trade talks between the EU and United States stand "on a knife's edge" today, European Trade Commissioner Peter Mandelson said.
Mr Mandelson will meet President Bush in a bid to persuade him to put his weight behind efforts to reach agreement on cuts to tariffs and agricultural subsidies that would open up world markets to developing countries.
If Mr Bush declines to give his commitment, the so-called Development Round of talks begun at the World Trade Organisation summit in Doha, Qatar, in 2001 could be stalled for as much as three years and may never be revived, he warned.
European Trade Commissioner Peter Mandelson.
Mr Mandelson told the Times: "We are on a knife's edge. We have to engage President Bush personally, because this deal can only be done with his authority."
Speaking to the Financial Times,he made clear he had not given up hope on a deal.
"After a series of meetings of senior officials, it is clear that the gap between us is no longer such as to dismiss hope of a successful outcome," he said. "We are not that far apart to give up on the process."
The EU wants the United States to reduce its maximum annual spending on farm subsidies from $23 billion to $15 billion in return for further reductions in European trade tariffs.
Although Mr Bush has repeatedly stated his commitment to the Doha Round, there is a tight deadline for agreement, as Congress is due to set farm subsidy levels in March.
Mr Bush's own mandate from Congress to negotiate on the deal runs out in June.
Unless a commitment to extend the mandate and an indication of White House support for subsidy reductions can be secured this week, Mr Mandelson said, "it means putting Doha on ice until at least a year into the next president's term".
PA