Business

EU, Latin America end 'banana dispute'

Friday, November 09, 2012    

Print this page Email A Friend!


GENEVA — The infamous 'banana dispute,' an international trade battle that started over two decades ago, has finally ended.

The European Union and 10 Latin American countries agreed to put to rest a trade dispute dating to 1991 over tariffs on bananas, which are a vital export for several Latin American economies, the World Trade Organization said Thursday.

Their agreement, signed Thursday in the presence of World Trade Organization Director General Pascal Lamy, formally ends eight separate WTO cases.

"This is a truly historic moment," Lamy said. "After so many twists and turns, these complicated and politically contentious disputes can finally be put to bed. It has taken so long that quite a few people who worked on the cases, both in the Secretariat and in member governments have retired long ago."

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 ($20,000) per tonne to (euro) 114 per metric ton within eight years.

The EU import tariffs had favored imports from former European colonies.

The Latin American countries present at the signing were Brazil, Colombia, Costa Rica, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Venezuela and Peru. Peru, which had participated in some of the key negotiations, did not sign the agreement because it was not directly involved in the disputes, the WTO said.

ADVERTISEMENT

POST A COMMENT

HOUSE RULES

 

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT
ADVERTISEMENT

Poll

Is Jamaica better off today than 3 years ago?
Yes
No


View Results »


ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT