Nov 8, 2012 3:30 PM by Lauren Molenburg
GENEVA (AP) - One of the longest international trade battles - the banana dispute dating back more than two decades - is over.
The European Union and 11 Latin American countries have signed an agreement that puts to rest a trade dispute dating to 1991 over tariffs on bananas, which are a vital export for several Latin American economies.
The agreement signed Thursday in the presence of World Trade Organization Director General Pascal Lamy formally ends eight separate WTO cases.
The signing comes after the nations reached agreement in Geneva in December 2009 for the EU to gradually reduce its tariffs on imported bananas from â‚¬176 per metric ton (about 2204.6 pounds) to â‚¬114 per metric ton within eight years.
The EU import tariffs had favored imports from former European colonies.
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