GENEVA, DEC. 1 -- Prodded by the instability in the world's financial markets, officials of 95 nations agreed today to speed up their trade talks to try to reap an "early harvest" of measures to strengthen the rules of international commerce.

The delegates expect to hold a high-level meeting in Canada after the U.S. election next November to assess the results of the first two years of the current round of international trade talks and to see if enough progress has been made to put the new rules into effect in some areas. Reservations by the 12-nation European Community and India were not expected to derail the plan.

The new round of trade talks is expected to ease barriers that make it harder for U.S. producers to sell overseas. It also is directed at liberalizing trade throughout the world and setting rules for new categories, such as trade in services.

"The motivation of trade ministers to make progress is the fear of failure," which likely would lead to "the collapse of the global trading system," said Canadian Trade Minister Pat Carney.

"If we fail, the {trading} system will deteriorate, credibility will be lost and protectionism will get the upper hand. We are condemned to succeed," added Swedish Trade Minister Anita Gradin in her speech to the annual meeting of the 95-nation organization that polices world trade, the General Agreement on Tariffs and Trade (GATT).

There was a strong feeling here that GATT, which many specialists were willing to consign to the scrap heap for failing to solve the trade problems of the 1980s, had made much progress in starting the new round of talks.

"I'm really surprised. There's a great feeling of optimism here. It eludes me why it's here, but it is," said Rep. William Frenzel (R-Minn.), ranking minority member of the House Ways and Means Committee's trade subcommittee. Frenzel was attending the sessions as a congressional observer.

The trade ministers clearly were hoping that positive steps by GATT to fight growing protectionism and to correct global imbalances would help stabilize financial markets. The concerns spawned by the stock market collapse six weeks ago were intensified by Monday's sharp declines in stock prices and the value of the dollar.

An "early harvest" of results from the round of talks, which could go on until the turn of the century, is a major part of Reagan administration strategy to lower record U.S. trade deficits and to fight protectionist pressures from industries that have been forced to close factories and fire workers because of a flood of imports.

U.S. Trade Representative Clayton K. Yeutter said he was pleased with the surprisingly widespread support for holding a meeting after the U.S. election next November.

As recently as two week ago, U.S. trade officials were cautioning against the use of the phrase "early harvest" because of the connotation that priority would be given to new rules for agricultural trade, which the EC opposes. Over the past three days, however, the phrase has been used by many trade officials to describe their aims for next year's meeting.

"What we must have is visible, concrete and tangible negotiating results" by next year "to truly demonstrate to the world that the Uruguay Round negotiating process is working and working well," Yeutter said.

The trade talks, the eighth round held since GATT was founded 40 years ago, were launched at a meeting in Uruguay last year.

The EC is concerned that the "early harvest" will include attacks on the community's agricultural subsidies, which the United States and other nations blame for overproduction that has created a crisis in world farm markets.

Faced with a budget crunch, the EC nation have been unable to agree on changes in the farm subsidies, which cost more than $20 billion a year and have converted Western Europe from a major importer of food products to a net farm exporter.

India has been resisting a stiffening of rules against piracy of trademarks, and its commerce secretary, A.N. Verma, said today that picking certain areas of trade for early attention would disturb efforts to achieve a balance of benefits in the round.

It appeared, however, that India was not supported by other Third World nations.

After a dinner Sunday night of 15 ministers from a broad spectrum of GATT members, the host, Swiss Trade Minister Jean-Pascal Delamuraz, reported "a consensus" in favor of a midterm review in late 1988. That meeting is likely to be held in Canada.

It was unclear what sectors would be picked for the "early harvest." Michael Duffy, Australia's minister for trade talks, said they could include agreement on long-term principles in farm trade; a way to end barriers, with the actual reductions negotiated in 1989; improved rules for settling trade disputes, which is a prime objective of the United States; "significant reductions" in barriers to trade in tropical products, largely processed fruits and vegetables, which is a prime aim of developing nations; and agreement on a framework for dismantling barriers to trade in services.

Pakistan's commerce minister, Mahbub ul Haq, added that developing nations "must insist" on including barriers to trade in textiles, and must demand that the current multifiber agreement, which restricts such trade, not be renewed when it expires in 1991.

"It is simply not worthwhile for us to participate in the {multinational trade negotiations} if the discussion of this item is not included in the early round," he said.