It is being reported from Brussels that the world's longest-running trade dispute may soon come to an end. The EU has finally agreed a deal with banana producers in Latin America to cut tariffs on banana imports allowing Latin American producers to be more competitive with African and Caribbean producers (who pay no tariff).
Duty on imported bananas will be cut from EUR 176 per tonne to an initial EUR 148 and further cuts will be made on an annual basis over the next several years to EUR 114 per tonne.
The deal is expected to be initialled shortly.
However, the move is likely to disadvantage African and Caribbean producers although there is reportedly a EUR 200 million compensation package in place for these producers.
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