EU Eliminates Licenses and Reduces Banana Tariffs
Ecuador, Colombia, Costa Rica and Brazil have finally gotten most of what they were after in the banana dispute with the European Union, ongoing since 1999. Even though former European colonies will pay no duty on imports, which the Latin American countries still consider unfair, the “banana” republics will not be restricted to quotas or require licenses in order to export to the EU. As of January 1st, the European Union has agreed to charge a flat tariff of 176 Euros per ton of banana from Latin America. Currently fruit that enters under the quota system pays 75 Euros and additional tons pay 680 Euros each.