Mumbai: The United States is likely to climb down a bit on the issue of agricultural subsidies in order to steer the Doha Round of world trade negotiations to a successful conclusion.

The US is ready to make significant concessions on agriculture to reach a new world trade agreement if other countries open their markets to more US exports, President George Bush said.

"We're willing to make serious concessions on the agricultural front, but we expect other nations to open up their markets on manufacturing as well as services," Bush said after a meeting with Australian Prime Minister Kevin Rudd.

Bush said much of his talks with the Australian prime minister were on the Doha Round of world trade negotiations, which is now in its seventh year.

The Australian prime minister, however, said a successful trade deal could only be achieved if all the major players - Brazil, India, the United States, the EU and the Cairns Group of agricultural exporters led by Australia - do their part.

He said Australia and the United States would work together to try to bring the Doha Round to a successful close, adding, "It takes more than two to tango and a lot of people when it comes to the Doha Round."

But, he said, the global economy now needs a psychological injection of some confidence in the arm, and that can be delivered by a positive outcome on Doha.

Brazilian trade negotiation chief Robert Azevedo on Monday said negotiators were closer than ever to an agreement, although there still was some uncertainty. 

The US and the EU are unwilling to make deep cuts in their agricultural subsidies and tariffs, but want major developing countries such as India and Brazil to open their markets in exchange.

Negotiators have been working in Geneva toward a possible ministerial-level meeting in April or May, where it is hoped a long-awaited breakthrough would occur.

Australia and the US are also building on a free-trade agreement to conclude an `open skies' pact to liberalise air travel between the two countries, Bush said.