Global trade pact in jeopardy?

HONG KONG – The European Union’s offer to cut agricultural import tariffs does not go far enough and puts prospects for a new global trade pact in jeopardy, New Zealand’s trade minister said on Friday.

The EU has proposed cutting its average agricultural tariffs by 46 per cent to just over 12 per cent in a bid to secure successful completion of the Doha Development Round of global trade talks next year. It has said its offer is final.”If that literally is their final offer, that is the end of the Doha negotiations,” said Jim Sutton, New Zealand minister for agriculture and trade negotiations.But Sutton said he believed the EU was posturing and would eventually be forced to offer further cuts.Trade ministers from the EU, the US, Brazil and India are due to meet this week to try and work out differences in farm trade proposals, which are seen as a major stumbling block to completing the Doha round.World Trade Organisation members are due to meet in Hong Kong next month in a bid to hammer out a broad global pact to lower trade barriers and try to lift millions out of poverty.-Nampa-ReutersIt has said its offer is final.”If that literally is their final offer, that is the end of the Doha negotiations,” said Jim Sutton, New Zealand minister for agriculture and trade negotiations.But Sutton said he believed the EU was posturing and would eventually be forced to offer further cuts.Trade ministers from the EU, the US, Brazil and India are due to meet this week to try and work out differences in farm trade proposals, which are seen as a major stumbling block to completing the Doha round.World Trade Organisation members are due to meet in Hong Kong next month in a bid to hammer out a broad global pact to lower trade barriers and try to lift millions out of poverty.-Nampa-Reuters