EU Raises Offer

The European Union has raised an offer to cut farm tariffs from an average of 54% to 60%.The offer would be part of a new global commerce pact.EU Trade Commissioner Peter Mandelson said the offer was intended to jump-start a critical week of talks,which aim to open up the global economy.Negotiators hope to reach agreement this week to liberalize global agriculture and manufacturing.The World Trade Organization has been seeking the agreement for seven years.If agreement is not reached,it could be a lengthy period before such an opportunity presents itself again.