Multilateral trade negotiations on import quotas have hit a snag.

Literal

Import quotas [about-についての] multilateral trade negotiations [topic-は] reef [onto-に] run-aground [regret-してしまいました].

暗礁に乗り上げる ('to run aground on a reef') is a maritime idiom used metaphorically for negotiations or plans that stall. ~てしまいました adds regret. 多国間貿易交渉 is a heavyweight six-character kango compound.