LONG-RUNNING BANANA TRADE WAR – PEACE AT LAST
December 1st, 2009
BY KEITH NUTHALL
THE WORLD'S longest-running trade dispute is over: a deal on European Union (EU) banana imports has been initialled today in Geneva. The EU, Ecuador, Guatemala, Honduras, Panama, Colombia, Nicaragua, Mexico and United States have struck a long-awaited agreement. It will see the EU immediately cut import duties on central and south American bananas from Euro 176/tonne to Euro 148/tonne, reducing this duty over the next seven years to Euro 114/tonne. Welcoming the deal, World Trade Organisation (WTO) director general Pascal Lamy said: "This ...
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