The Friday night deadline for an agreement passed without resolution after resistance from some countries, including Iran, Syria and North Korea, the Los Angeles Times reported.
Representatives from the United States, Russia and China said they needed more time to consider the treaty because the text has undergone a number of revisions since the negotiations began four weeks ago, the BBC reported.
The negotiations were the result of a campaign by non-governmental organizations including Amnesty International and Oxfam, BBC said.
"The message from the Obama administration on the arms trade treaty seems to be: 'We'll get back to you on this,'" said Suzanne Nossel, executive director of Amnesty International USA.
Alfred de Zayas, an independent expert on the promotion of a democratic and equitable international order, said in a release the time is right for a treaty to regulate the arms trade, the U.N. News Center reported.
"World peace is threatened not only by weapons of mass destruction but also by conventional weapons which have led to countless violations of human rights, including the rights to life and to physical integrity," he said.
Roberto Garcia Moritan, the chairman of the U.N. Conference on the Arms Trade Treaty, said he is confident a treaty will be signed by the end of the year, the BBC said.
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