The European Union and the United States are holding talks on forging a pact with OECD countries and China to eliminate duties on green goods as part of incentives to Beijing in a potential global climate deal.

Leaders from rich nations at the G8 summit in Italy will commit $15 billion over three years to spur agricultural investment in poorer countries and combat hunger, a final draft statement seen by Reuters said.

South Korea is expected to ramp up pressure on the European Union to initial a $100 billion trade pact before the end of June at a summit on Saturday before Seoul turns its attentions to a deal with the United States.