EU-Latin American banana agreement sees end of 8 WTO cases
An agreement was signed that puts the dispute, which dates back to 1991, to rest once and for all. The dispute was over the tariffs on bananas, a vital export for many Latin American nations.
When the agreement was signed yesterday, in the presence of WTO Director General, Pascal Lamy, it officially ended eight separate WTO cases.
The signing comes after the nations reached agreement in Geneva in December 2009 for the EU to gradually reduce its tariffs on imported bananas from (euro) 176 per metric ton (about 2204.6 pounds) to (euro) 114 per metric ton within eight years.
The EU import tariffs had favored imports from former European colonies.
Source: ktvl.com
