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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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.

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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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