Banana war comes to an end after 20 years
November 9 , 2012
An international trade dispute over bananas dating back 20 years has been settled.
The European Union and ten Latin American countries signed an agreement on Thursday to formally end eight separate World Trade Organisation (WTO) cases.
The formal agreement comes after the EU agreed in December 2009 to gradually reduce the tariffs on Latin American bananas.
For years, Latin American banana exporters had protested against EU tariffs designed to protect small growers in former European colonies in Africa and the Caribbean.
The December 2009 agreement involved the EU reducing its tariffs on imported bananas from $224 a ton to $145 a ton within eight years.