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| EU offers 60% cut in farm tariffs | EU offers 60% cut in farm tariffs |
| (21 minutes later) | |
| The European Union (EU) has offered to cut its farm tariffs by 60% to kick-start trade talks in Geneva. | The European Union (EU) has offered to cut its farm tariffs by 60% to kick-start trade talks in Geneva. |
| EU trade commissioner Peter Mandelson said this was the best offer yet from Brussels on the crucial farming issue. | |
| Mr Mandelson urged emerging economies such as Brazil, India and China to reciprocate by slashing their industrial tariffs. | Mr Mandelson urged emerging economies such as Brazil, India and China to reciprocate by slashing their industrial tariffs. |
| The US trade chief said America was determined to make the talks succeed if emerging nations made a contribution. | |
| "When it comes to trade negotiations, the vast overwhelming contribution has to come from market liberalisation rather than the subsidy side," US trade representative Susan Schwab said. | |
| Europe's latest contribution to global efforts to cut agricultural trade barriers was its best offer yet, Mr Mandelson argued. | |
| "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," he said. | |
| Previous trade talks have failed over the issue of farm subsidies and tariffs and how far trade in services should be liberalised. |