EU offers to cut farm tariffs

Geneva: The European Union says it will 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 on Monday at the World Trade Organisation that the offer was meant to kick-start a week of crunch global commerce negotiations.

Mandelson says he now hopes emerging economies like Brazil, India and China will respond by improving offers on industrial tariffs. The EU has previously proposed to cut the tariffs by 54 per cent.

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