European Union negotiators are within days of striking a deal to cut tariffs on bananas imported from Latin America and others outside the African and Caribbean regions, according to reports.
A deal is expected before the World Trade Organisation 's ministerial conference on November 30 and it would see the EU steadily cutting tariffs on bananas for suppliers in Latin America and elsewhere, the Telegraph said.
The move would end a long-running trade dispute, dubbed the 'banana wars', over complaints that Latin America pays higher tariffs than African, Caribbean and Pacific rivals to sell bananas in Europe.
European Commissioner for Trade, Baroness Ashton, told Reuters: "We are in the closing stages of what could be the end of this long dispute.
"I think it will be later this week or early next week.”
Such as deal is expected to cut prices for consumers and boost competitiveness of companies like Chiquita and Dole, which are US distributors of Latin America bananas.
Source: foodbizdaily.com
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