EU Offers to Cut Farm Tariffs by 60% in Global Trade Pact

(The Canadian Press)

The European Union says it will slash farm tariffs by 60% as part of a new global trade pact, a deeper cut than it has ever offered.

EU Trade Commissioner Peter Mandelson told reporters today at the World Trade Organization that the offer is meant to kick-start a week of crunch global commerce negotiations. The EU has previously proposed to cut the tariffs by 54%.

Mandelson says he now hopes emerging economies like Brazil, India and China will respond by improving offers on industrial tariffs.

Rich and poor countries have clashed repeatedly in the seven-year WTO talks. Developing countries want more agricultural openings, while the U.S., EU and others seek better access for their manufacturers andbanks.