Europe Tariff Cut  

The world’s longest ever running trade argument ended in the month of December 2009 after the European Trade Union settled a deal to cut tariffs on import of banana. This deal will help the producers of banana in Latin America to pay less EU import tariffs. Such a move will make them competitive against the producers of Africa and the Caribbean who at present are not paying any tariffs.

This would bring down the price of banana by around 12 percent. The tariff rates will be downsized from 176 Euros ($256) per ton to initially by 148 Euros ($215) and subsequently in another next seven years the rates will be further reduced to 114 Euros per ton in a phased manner annually.

This deal took place in Geneva where all the representatives of the European Trade Union were present. The Commission President Jose Manuel Barroso commented this agreement as a historic one because this will enhance the multilateral system.

The birth of this long running discrepancy over banana imports rewinds back 16 years ago with the launch of European tariff on import of banana. Later in the year 1975, the Caribbean countries were given an advantage of no tariffs on banana import. This was debated by the Latin Americans. The World Trade organization supported this debate and after years of battling finally they termed import on banana tariff as illegal.

This move has created rage amongst Africa and Caribbean’s and they have asked for compensation packages as this move will enhance competition since they will be unable to compete with the worlds largest banana producers like Del Monte and Dole of Latin America.

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What-Is-Harmonized-Tariff-Code      Tariffs play an important part for the government as it is method of generation of revenue. For an international trade affair, Harmonized Tariff Code, or HTC, plays a very crucial role in bringing a balance in the rates of tariffs of various goods that are being shipped across the countries. More..

 


 

 

 
   
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