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| [00:00.00] | The European Union has initialed an agreement |
| [00:03.89] | to end one of the world's longest-running trade disputes over bananas. |
| [00:07.31] | The EU, the world's biggest importer of bananas, |
| [00:10.67] | is to cut the duty it imposes on Latin American producers of the fruit, |
| [00:14.59] | while bananas grows in former European colonies |
| [00:17.39] | will gradually lose the preferential terms |
| [00:19.69] | they've enjoyed. Andrew Walker reports. |
| [00:22.17] | The deal signed in Geneva |
| [00:23.85] | commits the European Union to gradually lowering the tariffs it imposes |
| [00:27.34] | on bananas imported mainly from Latin America. |
| [00:30.01] | The cut will be over a third by 2017. |
| [00:33.75] | That will reduce the competitive advantage of a group of countries, |
| [00:37.60] | mainly former colonies of EU states in Africa and Caribbean, |
| [00:41.27] | which enjoyed tariff-free access. |
| [00:43.88] | The EU plans to provide those countries with some compensation, |
| [00:47.43] | in a shape of nearly 300,000 dollars in additional aid. |
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