The Conference Against Racism, to be held in Geneva in April, is a follow-up to the conference held in the South African town of Durban in 2001.
On Friday, a US delegation taking part in the preparatory talks in Geneva, said the draft resolution was unacceptable.
The US and Israeli delegations then walked out of the meeting in protest against the resolution which likened Zionism - the movement to establish and maintain a Jewish state - to racism.
Israel and Canada have already announced they will boycott the conference, which is known as Durban II.