Bananas will likely be a few cents cheaper for European shoppers as a result of the settlement of the 'banana war' between Latin American banana exporters and the EU. The longest trade dispute between the European Union and Latin American countries at the World Trade Organization (WTO) was settled on Tuesday. Since 1993, the EU had discriminated against Latin American growers, favoring bananas from former European colonies in Africa, the Caribbean and the Pacific - a bloc known as the ACP states. The so-called "banana dispute" focused on the import tariffs on bananas and other tropical fruits that the EU had imposed on Latin American banana imports, while fruit from former European colonies in ACP countries came to Europe tariff-free. The European Union confirmed on Tuesday that it had clinched a deal with Latin American countries to end a long-running trade war over banana tariffs.
The longest trade dispute between the European Union and Latin American countries at the World Trade Organization (WTO) was settled on Tuesday.
Since 1993, the EU had discriminated against Latin American growers, favoring bananas from former European colonies in Africa, the Caribbean and the Pacific - a bloc known as the ACP states.
The so-called "banana dispute" focused on the import tariffs on bananas and other tropical fruits that the EU had imposed on Latin American banana imports, while fruit from former European colonies in ACP countries came to Europe tariff-free.
The European Union confirmed on Tuesday that it had clinched a deal with Latin American countries to end a long-running trade war over banana tariffs.
will get around 200 million euros ($293.3 million) in compensation for the negative effects the pact may have on the preferential treatment given to them by Brussels, diplomats said. (...) Although the United States does not export bananas, it is a party to the agreement because several big distributors and processors such as Chiquita, Dole and Del Monte are US corporations and are likely to benefit from the deal. Irish company Fyffes, a major European distributor, will also gain from the new agreement.
