NEW YORK, Feb. 3, 2011 /PRNewswire/ --
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The European Parliament today put an end to the long lasting "banana war" by giving its consent to EU agreements with eleven Latin American countries and with the United States. The EU will gradually reduce its import tariff on bananas from Latin America from 176 euros to 114 euros by 2017. This agreement settles the pending dispute against the EU at the World Trade Organization. Francesca Balzani, S&D Euro MP and author of the parliamentary report, said: "It was about time to end the longest standing trade disputes in the world. For 20 years the EU has been accused of violating trade rules by importing bananas from Africa, Caribbean and Pacific (ACP) countries without any levy while imposing heavy taxes on all other countries.
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Story Id: 21513