Business
EU To Slash Tariff On Banana Import
A long running trade dispute over banana tariffs was brought to an end recently when European Union (EU) and United States negotiators struck a deal with Latin American, African and Caribean producers of the friut.
According to agency reports monitored on Maritime News Website, the World Trade Organisation (WTO) Director General, Mr. Pascal Larry, said the pact, under which the EU will reduce the tariff it imposes on banana imports from Latin America, should provide fresh impetus to the staked Doha round of trade negotiation.
Irish banana importers Fyffes, which currently absorbs about €100 million per year from the cost of the EU tariff, stands to be one of the prime beneficiaries of the deal. While there was no comment from fyffes it will receive at least part of the benefit of the initial 15 per cent reduction in EU tariff. Suppliers and customer are also expected to share in the gain.
“I welcome the news that a comprehensive agreement on bananas has now been reached. This has been one of the most technically complex politically sensitive and commercially meaningful legal dispute ever brought to the WTO, Larry said.
The deal, agreed at the WTO in Geneva, will see the EU gradually cut its import tariff on bananas from Latin American countries such as Ecuador-and Costa Rica from €176 per tonne to €114. The US in response agreed to settle a related dispute with the EU.
In addition, the EU also offered to mobilise up to €200 million for the main African and Caribean banana-exporting countries to help them adjust to stiffer competition from Latin America. Mainly former colonies, these countries enjoy preferential treatment on exports to the EU.
However, their relative advantage will be eroded under the deal. Often described as the longest trade dispute in history, the banana dispute has featured for years with various attempts at resolution proving fruitless.
“After years of tedious negotiations the deal reached will provide an important push for progress in the Doha Round talks and for the multilateral trading system in general”, said EU trade commissioner, Benita Ferrero Waldner.
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