16 December 2009

Deal Initialed to End Banana Trade Battle

The European Union and Latin American countries have signed a deal to end a 16-year dispute over EU banana imports.

By Melissa Arteaga Marti | PODER360.com

AP Photo | Tomas Munita

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The deal over banana import tariffs brings an end to the world's longest running trade dispute.

The agreement will see the EU gradually end its preferential treatment of banana exporters in African, Caribbean and Pacific countries.

In response, Latin American countries are expected to drop complaints against the EU at the World Trade Organization, over unfair trade discrimination.

The "initialing" in Geneva of the banana trade agreement between the EU and Latin American countries could also mark lead to a potential breakthrough in the Doha round of world trade talks.

“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 disputes ever brought to the WTO,” World Trade Organization director general Pascal Lamy, told reporters.

The deal will see the EU gradually cut its import tariff on bananas from Latin American countries such as Ecuador and Costa Rica in eight stages from €176 per ton to €114 by 2017. In addition, the EU also offered to mobilize up to €200 million to help African and Caribbean banana-exporting countries adjust to stiffer competition from Latin America.

The deal still has to be approved by the EU's 27 member states.

HISTORY:

Since 1975, each Caribbean country has been given a generous import quota for bananas. The quota was also extended to other former colonies in Africa and the Pacific.
The idea was to help the economies of former European colonies or dependencies wean themselves off foreign aid.
But by keeping out cheaper banana competitors from Latin America, the EU ran into accusations of a double standard on free trade. Some European consumers also complained they were being forced buy more expensive - some said, inferior quality - produce. So called "dollar" bananas tend to be cheaper because they are grown on larger mechanized plantations run by giant U.S. corporations such as Chiquita, Dole and Del Monte.
On the other hand, the notorious practices of the giant American banana companies, gave the Latin banana a bad name. EU politicians also defended the policy as necessary to protect poor family farmers who struggle to compete against the mega-sized American-owned agribusinesses. Politicians also argued that propping up Caribbean banana farmers was a good investment to keep drug traffickers out of the putting banana farmers out of business in the Caribbean could make them vulnerable to drug traffickers.

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Deal Initialed to End Banana Trade Battle

The European Union and Latin American countries have signed a deal to end a 16-year dispute over EU banana imports.

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