Where anti-capitalist protesters failed at the World Economic Forum, the protests in Egypt became the most talked-about subject at the annual Swiss Alpine retreat of global political and business leaders.

Adrian Monck, the forum’s managing director, estimated that Egypt’s popular uprising against President Hosni Mubarak featured in two thirds of debates that normally focus on issues such as the global economy, cybercrime and food security.

Although the constantly changing events in Egypt were omnipresent, there was still business to get down to at the annual five-day gathering.

Key global trade officials spoke of their optimism that a new deal to liberalise international commerce can be finalised, but offered little in the way of concrete progress to indicate they can reach agreement before the end of the year.

Meanwhile, about 120 demonstrators marched down the street behind the Congress Centre, where the World Economic Forum’s annual meeting was winding down.

Concern over the protests in Egypt was palpable, with many calling on Mr Mubarak to ensure protesters were guaranteed freedom of expression and speech.

But Egypt was not the only item on the agenda.

There was plenty of discussion, debate and dissent at Davos. The head of the World Trade Organisation said the meeting of ministers from some two dozen countries in the Swiss ski resort had been “very constructive”.

Differences between the US and China are seen as the main obstacle to a deal on world trade developments.

Negotiators’ inability to agree on what is described as the “last 20 per cent” has spooked business and political leaders.

Pushing the talks into 2012 — a US presidential election year — would make a conclusion even less likely, because the sensitive issue of trade would be a hard sell for politicians of any stripe.

Warnings of a new mercantilism have featured prominently at this year’s Davos forum, with some seeing the first signs of trade wars brewing that could undermine the fragile global economy.

There are thoughts that the US is going to try to use weak-dollar policy to help recovery in the US, and Brazil and India are not going to accept that and will fight back.

Washington, too, has accused Beijing of keeping the Chinese renminbi artificially weak to maintain its cheap labour advantage.

Meanwhile, the euro’s drop in the wake of the Greek and Irish bailouts has actually benefited some economies, such as Germany, whose export industries have flourished over the past year.

Ministers from Germany and France nevertheless made clear at Davos that they wouldn’t risk letting the bottom fall out of the euro, insisting that any future shocks to the 17-nation currency were unlikely.

China’s growth and worries about Europe’s debts have been another focus of attention among the 2,500 business and political leaders discussing the state of the world economy in Davos.