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The EC to establish stabilization mechanism for Ecuadorian bananas

The European Trade Commissioner, Cecilia Malmström, said that the EU executive expected to establish a stabilization mechanism for the trade of bananas due to the accession of Ecuador to the trade agreement between the European Union and Colombia and Peru.

"This commitment will benefit Ecuador, it will help develop their economy, and we will closely monitor that it is applied in terms of human and labor rights, sustainable development, and a stabilization mechanism for bananas," said Malmström during a debate in Parliament.

The European Parliament will vote on Thursday on the accession of Ecuador to the trade agreement that the European bloc has in force with Colombia and Peru.

The MEPs stressed they needed to regulate the effects that this agreement might have on European agriculture, particularly in the banana production in the Canaries, which concentrate a production of 364,257 tons.

Gabriel Mato stressed that "this agreement cannot become a threat for the already weakened EU banana sector, as exports grow proportionally to the decrease in tariffs."

He called for compensation for commercial growers who were concerned that there can be a massive inflow of bananas from Ecuador.

In turn, Ramón Jáuregui said that this agreement was politically and commercially necessary and fundamental for the country’s future exports.

Izaskun Bilbao said the accession would provide tangible benefits and that it was "a political tool that will contribute to peace, stability and progress in the region."

In 2014, Ecuador resumed talks for a trade agreement with the EU, after it had withdrawn itself from the negotiating table in 2009 to achieving an agreement tailored to their needs.

Peru and Colombia already achieved an agreement with the bloc and it is already in force.

Source: EFE

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