Europe accepts cuts in tariffs on Latin American banana imports

The European Commission announced that it is accepting the World Trade Organization (WTO) proposal to lower the tariff on banana imports from Latin America.

Thursday, July 17, 2008

The scheme was proposed by WTO director-general Pascal Lamy in order to resolve a dispute that involves the European Union, Latin America and the African, Caribbean and Pacific (ACP) countries.
Under the scheme, the tariff will be reduced gradually from 175 euros at present to 116 euros in 2015.
The tariff will be cut by 26 euros in the first year, nine euros in the second, and by 5 euros a year thereafter.



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