The most common and most likely answer to this crossword clue is the 5 plus 7 letter word HORSE TRADING
I've seen this crossword clue in The Guardian
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More clues leading to the result HORSE TRADING
Buddy explains!
The straight part
We know that "negotiations" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case negotiations = horse trading.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HORSE TRADING mean?
HORSE TRADING noun- Informal negotiating, especially when complex or clever in nature.