EU OKs Lower Banana Tariffs After 15-Year Tiff

Law360, New York (February 3, 2011, 1:25 PM EST) -- European lawmakers on Thursday passed by an overwhelming majority a measure that will gradually cut tariffs on bananas imported from Latin America, all but finalizing a 2009 deal that ended a 15-year tussle.

The European Parliament signed off on a series of reports and bills that will end the European Union's preferential treatment of bananas produced in African, Caribbean and Pacific nations by cutting tariffs on Latin American banana exports by €62 ($85) per tonne over the next six years.

The reduction is set to take...
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