What essentially would happen, hypothetically speaking, is that a ministerial meeting would be called. It hasn't yet been called, and it may never be called. But if you play out a hypothetical critical path, there would be a ministerial meeting called in late June or early July, and that meeting would focus largely, but not entirely, on trying to achieve an agreement on modalities in agriculture and non-agricultural market access.
“Modalities” refers to identifying the fundamental formulae that will be applied to tariff cuts, giving definition to special and differential treatment for certain countries for certain types of products, and that sort of thing. So you're creating a fairly well-defined framework, which then negotiators will take away for some months and go through line by line to identify how that framework would actually apply to specific products and product classifications and that sort of thing. At the same time, in that meeting, there would probably be sidebar meetings on rules and services and some of the other issues that are in play so that we could make sure those issues were brought along in a timeframe that was compatible with agriculture and NAMA. And then, over the balance of the year, these other issues, like the rules and fisheries subsidies, would be subject to intense negotiation.
At the end of it all, there would then have to be further ministerial meetings to agree on a complete final package. It's what's called a single undertaking. As you know, a single undertaking means nothing is agreed to until everything is agreed to. So the agreement on agriculture and NAMA wouldn't stand up if there's were not an agreement at the end of the day on rules, and it would be similar for other elements of the negotiations.
Any one country, any one member, can essentially torpedo the WTO agreement. The practical reality is that a country that acted somewhat intransigently in doing that would become an international pariah, and the more practical option for a country that wanted to dissent would be withdrawal from the World Trade Organization, which would be probably one of the world's stupidest decisions, but it's available to you.