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Europe calls it quits on long-running banana war

Friday, February 4, 2011

European Union lawmakers approved a deal to cut Europe’s import tariffs on  bananas from Latin America, ending the world's longest-running trade row.

A majority in the European Parliament voted to cut duties on Latin American bananas by 35 percent over six years, potentially improving the competitive edge of producers such as Chiquita and Dole.

The deal will mark a victory by the world's largest banana producers in a near 20-year battle for cheap access to the European Union, the world's largest consumer of the fruit.

Original source: Reuters