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The European Union has initialed an agreement |
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to end one of the world's longest-running trade disputes over bananas. |
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The EU, the world's biggest importer of bananas, |
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is to cut the duty it imposes on Latin American producers of the fruit, |
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while bananas grows in former European colonies |
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will gradually lose the preferential terms |
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they've enjoyed. Andrew Walker reports. |
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The deal signed in Geneva |
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commits the European Union to gradually lowering the tariffs it imposes |
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on bananas imported mainly from Latin America. |
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The cut will be over a third by 2017. |
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That will reduce the competitive advantage of a group of countries, |
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mainly former colonies of EU states in Africa and Caribbean, |
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which enjoyed tariff-free access. |
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The EU plans to provide those countries with some compensation, |
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in a shape of nearly 300,000 dollars in additional aid. |
