Beijing June 4th -- Trade ministers from 21 Asia-Pacific nations have agreed to a plan to cut tariffs on non-agricultural products.

    Ministers attending the Asia-Pacific Economic Cooperation (APEC) forum in South Korea have adopted the so-called "Swiss formula" to calculate future tariff reductions in the non-agricultural market access field.

    The Swiss formula involves steeper cuts to higher tariffs in order to correspond with tariff rates across countries.

    Australian Trade Minister Mark Vaile says the new agreement is a significant step that will inject new momentum into World Trade Organization negotiations.

    He said in a statement the Swiss formula greatly reduces the gap between high and low tariff rates, and, in addition, sets a top limit for all tariffs.

    The member countries of APEC account for about 50 per cent of global trade.

    (Source: CRIENGLISH.com)