EU Congress Lowers Banana Tariffs

The European Parliament voted to lower tariffs on Latin American bananas by 35% for the next six years.

Thursday, February 3, 2011

Under the agreement, the tariffs on banana imports from Latin America will decrease from the current 176 Euros to 114 Euros per ton in 2017.

"Once it is approved by the WTO later this year, the agreement will mark a victory for the world´s largest banana producers, a battle fought for almost 20 years in order to access the EU market inexpensively, the largest global fruit consumer," reported the article by Reuters.



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More on this topic

Agreement Puts an End to "Banana War"

November 2012

The eleven Latin American countries involved signed the agreement ending twenty years of banana trade disputes with the European countries.

The so-called "banana war" between the European Union (EU) and several Latin American countries-including six Central American countries- officially came to an end on Thursday, with the signing of a trade agreement promoted by the World Trade Organization (WTO).

Banana Dispute Comes to an End

December 2009

Latin American banana growing countries landed a tariff agreement with the European Union.

Under the terms of the new agreement, the tariff will be immediately reduced from 176 euros per ton to 148 euros. In the next 10 years it must be gradually reduced to 114 euros.

"It is not yet know what compensation will be paid by the European Union to Asian, Caribbean and Pacific countries, who had requested $250 million for losing their preferences", reported EPA.

European banana agreement dies with Doha

July 2008

"The banana agreement isn't going anywhere," said an official after the collapse of talks at the World Trade Organization (WTO) aimed at reviving the Doha Round.

Several officials confirmed that an agreement between the European Union and Latin American countries that export bananas that raised hopes for lower tariffs for their product expired with the collapse of WTO talks.

EU and Latin Americans agree on banana tariffs

July 2008

Europe could soon reduce its tariff on bananas by 28 euros per ton. Under an agreement signed last weekend, its import duties would fall to 114 euros per ton from the current 176 euros by 2016.

The agreement calls for an initial reduction of 28 euros.
Under the present system, Europe has a preferential agreement for former colonies of its member nations, but its complex tariff-quota system has come under fire by the World Trade Organization.

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