Tuesday, August 02, 2005

EU Banana Tariffs Illegal

From Yahoo! News:

The World Trade Organization ruled Monday that a new European Union tariff on imported bananas is illegal, siding with nine Latin American countries who said Brussels' proposal would seriously limit their ability to export the fruit.

A WTO arbitration body backed a claim by the Latin American countries — including Brazil, Colombia and Venezuela — who said the proposed EU tariff of 230 euros ($279) per ton would have a "devastating effect" on the development of their economies.

The report concluded that new tariff "would not result in at least maintaining total market access" for Latin American exporters and queried Brussels' methodology for arriving at the tariff figure. It did not suggest a new figure.


Post a Comment

<< Home