Agreement Close in Banana Dispute
European sources reported that they are close to reaching an agreement that “will depend on political will.”
Monday, July 6, 2009
The last known proposal from the European Commission consists of a tariff reduction from €176 ($245) to €136 ($190) in three years and the suspension or reduction of the tax in 2012. The final outcome depends on the state of the WTO Doha Round negotiations to liberalize global trade.
The Trade Commission of the European Parliament approved the agreement reached by the EU and Latin American countries to lower tariffs on banana imports.
Almost 50% of banana exports in 2011, $350.9 million worth, went to the U.S.
The proposal of the European Union is to lower the current tariff from 176 to 114€ per ton between 2009 and 2019.
An agreement signed yesterday allows the banana industry to export to Europe paying fewer tariffs.
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