Hong Kong trade talks in doubt

December's world trade summit in Hong Kong may be cancelled unless the European Union improves its offer on farm tariff cuts within 10 days, the Financial Times has reported - citing unidentified World Trade Organisation officials.

WTO Director-General Pascal Lamy told the EU there was no point holding the Hong Kong summit without more ambitious proposals, the UK paper said, citing officials.

group of 20 agricultural nations have called for average cuts to industrial nations' farm import tariffs of 54 per cent.

The US proposed a 75 per cent cut to tariffs. The EU has offered to make just a 25 per cent reduction.Cancelling December's summit would require the agreement of all 148 members of the WTO.