EU offers to cut farm tariffs by 60pc
Tuesday, 22 July 2008
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.
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.