India and Brazil have offered concessions on industrial goods and services to break an impasse in global trade liberalisation talks but made clear developed countries must at least match their moves. Indian and Brazilian officials made the offer at a meeting with finance ministers from the Group of Seven industrialised nations in London.India offered to lower its tariff barriers by more than the 50 per cent it has already proposed to make global trade talks a success, adding that such a move would be implemented only if developed economies could match or exceed their offer. Brazil said it was ready to concede some ground on industrial tariffs as long as the US and the European Union did the same on agriculture.UK finance minister Gordon Brown welcomed the offers and said officials were also exploring a proposal by Brazilian President Luiz Inacio Lula da Silva for world leaders to meet before crucial WTO talks in Hong Kong this month. “Prime Minister Tony Blair is holding talks with (Brazilian) President Lula on the proposals that have come from Brazil and for holding a G8 plus 5 meeting to advance the trade talks,” Brown told a news conference. Lula’s proposal covers the G7 nations plus leading emerging economies. As for India, a statement issued at end of the meet said, “We have offered a 50 per cent cut in tariffs. This has not been matched,” said . “India is willing to undertake higher cuts provided developed countries can match or take higher cuts,” it said. “As far as services are concerned, we have made a number of offers and depending upon the response, are prepared to move forward.”India said it would like to see export subsidies to be eliminated within a finite timeframe and called for all trade distorting domestic support to be substantially reduced. — Reuters
