FORTY-SIX COUNTRIES REPRESENTING FOUR-FIFTHS OF THE WORLD'S TRADE SIGNED A MAJOR TARIFF-CUTTING AGREEMENT IN GENEVA TODAY (FRIDAY). THE AGREEMENT -- THE OUTCOME OF FOUR YEARS OF TOUGH AND COMPLICATED BARGAINING IN THE KENNEDY ROUND TRADE NEGOTIATIONS -- IS EXPECTED TO GIVE A MAJOR BOOST TO WORLD TRADE.

THE KENNEDY ROUND TALKS WERE LAUNCHED AT THE INITIATIVE OF THE LATE PRESIDENT KENNEDY TO REDUCE TARIFFS AND BOLSTER ECONOMICS.

PARTICIPANTS INCLUDED ALL THE LEADING INDUSTRIAL NATIONS EXCEPT THE SOVIET UNION AND EAST GERMANY AND THE AGREEMENT COVERS INTERNATIONAL TRADE VALUED AT ABOUT 14 MILLION POUNDS STERLING (40,000 MILLION DOLLARS) A YEAR.

THE CUTS WERE LISTED IN A 4,000 PAGE STACK OF TARIFF LISTS, AND WILL APPLY TO TENS OF THOUSANDS OF PRODUCTS RANGING FROM FRUIT JUICE TO SHEET STEEL.

THE TARIFF CUTS WILL HOLD DOWN ANY INCREASE IN THE PRICE OF FOREIGN GOODS, AND COULD MAKE SOME CHEAPER.

THE TWO-HOUR SIGNING CEREMONY CAME JUST WITHIN A DEADLINE IMPOSED ON THE TALKS BY PRESIDENT JOHNSON -- HIS MANDATE TO CONGRESS TO PARTICIPATE IN THE TALKS EXPIRES AT MIDNIGHT TONIGHT (FRIDAY).