EU offers to cut farm tariffs by 60pc

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GENEVA, July 21 (AP): The European Union said Monday it would slash farm tariffs by 60 per cent as part of a new global trade pact, a deeper cut than it has ever offered.

EU Trade Commissioner Peter Mandelson told reporters at the World Trade Organisation (WTO) that the offer was meant to kick-start an important week of global commerce talks on a new global commerce pact.

The 27-nation bloc has previously proposed to cut the tariffs by 54 per cent.

"We've decided to help the negotiations this week get off to a strong start by raising the average cut in our agricultural tariff," Mandelson said. "That is a very considerable improvement on our own part, but of course it's light years away from any effort we've previously made in a trade round."

But, he added, the offer was not a gift. It depends on emerging economies such as Brazil, India and China responding with improved offers on industrial tariffs.

Rich and poor countries have clashed repeatedly in the seven-year WTO talks known as the Doha round. Developing nations want more agricultural openings, while the US, EU and others seek better access for their manufacturers and banks.