EU offers to cut farm tariffs by 60%

The European Union will slash farm tariffs by 60 percent as part of a new global trade pact. The announcement was made by EU Trade Commissioner Peter Mandelson.

The European Union said Monday it would be willing to slash farm tariffs by 60 percent as part of a new global trade pact, the deepest cut it has ever offered.

Mandelson said the EU's ready to reduce its farm tariffs by 60 percent, that's up from the 54 percent the 27-nation bloc had previously promised.

But he adds emerging economies should respond with improved offers on reducing tariffs for industrial goods.

The 153-member WTO hopes to clinch a final deal to reduce tariffs and subsidies by the end of the year.

Pascal Lamy, the WTO Chief, presents, "The time has come to move from discussions to negotiations. We have talked the talk, now we have to walk the walk to finish the round. We need positive results from this week's engagement, and all need to approach it with this clear objective in mind."

Developed and developing countries have clashed repeatedly in the seven-year WTO Doha round of talks.

They have missed repeated deadlines because of differences over agriculture and non agricultural market access.