Negotiations at the World Trade Organization meeting in Cancun collapsed Sunday when delegates of the newly formed G-22 from Africa, the Caribbean and Asia walked out of the meeting in protest.

The breakdown is seen as a huge setback for the World Trade Organization and for future global trade negotiations.

Thousands of anti-corporate globalization activists and academics rejoiced last night at the meeting’s breakdown.

Developing countries blamed the U.S. and Europe for being unwilling to cut the huge subsidies paid out to their farmers. There was also concern that new proposals on foreign investment proposed by Europe and Japan would make it easier for foreign multinationals to take control of industries in the global south.