The EU has agreed to cut tariffs on imported bananas from Latin American countries. With removal of preferential treatment to former colonies, growers throughout Latin America hope to export more of their yellow fruit to Europe. As part of the Agreement, the US will also settle its WTO dispute with the EU over bananas.

From the New York Times:

The European Union initialed a deal on Tuesday to resolve a dispute over banana imports dating back more than 15 years, ending the longest trade battle in its history as a bloc and potentially opening the way for progress in other areas.

After losing several cases at the World Trade Organization, the European Union agreed to cut the tariff applied to Latin American bananas, thereby reducing the preferential treatment given to growers in former colonies in the Caribbean and Africa.

The move could open opportunities for producers in Ecuador and other Latin American nations to increase exports to the European Union, the world’s biggest trading bloc.

The deal Tuesday was initialed by the European Union, the United States and Latin American, African and Caribbean nations. As part of the agreement, Washington said it would settle its W.T.O. dispute with the Europeans over bananas.

Lonely walnuts and ice cream have been seen rejoicing throughout the land.

Read more details, including the specifics on the tariff paid per ton and the history of the dispute, at the New York Times:
Pact Ends Long Trade Fight Over Bananas.