The World Trade Organization (WTO) upheld a complaint brought up by Ecuador regarding banana tariffs by the European Union (EU). The WTO panel concluded that taxes on Latin American banana imports were excessive and discriminatory against countries like Mexico, Guatemala, and Panama.The WTO’s decision is not only a setback for the EU but also to ACP (Africa-Caribbean-Pacific) countries that benefit most from the EU banana tariff system. As one member of the Caribbean Banana Exporters' Association told the Jamaica Gleaner in February:
"We don't want the tariffs changed in 2008 at all and then going forward we are saying we need a period of 10 years where whatever is the final tariff you want to get to, it takes 10 years to get there," [Dr. Marshall Hall] said.
While banana exports from Latin America to the E.U. were charged at $225/ton, exports from ACP countries have been mostly duty free.
Image- MWC News
Sources- International Herald Tribune, Forbes, BBC News, Jamaica Gleaner
No comments:
Post a Comment