Nicaragua approves Geneva accord on trade in bananas with an eye on Europe
The National Assembly of Nicaragua approved the Geneva agreement on trade in bananas, which will open a new market for Nicaragua with favorable tax conditions.
Once the agreement is approved, Nicaragua will export bananas to Europe at a tariff of $148 per metric ton, which will be phased down later.
Historically, Nicaragua has exported bananas to the United States.
However, due to the international economic crisis, exports to that country have fallen from $11 million in 2004 to $2 million in 2011.
Source: El Nuevo Diario