Brussels, 19/03/2007 (Agence Europe) - On the sidelines of the European business summit last Friday, Peter Mandelson stated that it is less legitimate than previously that such a large proportion of the Union's budget is given over to agricultural expenditure. “I feel that allocating such a large proportion of our budget to agriculture was legitimate only a few years ago”, said the trade commissioner, before going on to state that the Union was to review the Community budget in order to “remodel it to reflect the priorities of the Union in the 21st century more precisely”. This examination, he continued, would take place at the same time as the mid-term review of the financial perspectives in 2008. The top European negotiator in talks at the WTO nonetheless stressed the need for a common agricultural policy for Europe. He also pointed out that the reforms of the CAP, which were still being applied, have, “to a very large extent”, got rid of the elements which lead to distortions in trade and he called on the rich countries to do the same. (eh)