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EU to compensate banana states for Latin American deal
Published in Saudi Press Agency on 17 - 03 - 2010


The European Union is to give more than 250
million dollars to countries in Africa, the Pacific and the Caribbean
(ACP) to help them cope with a deal struck by the bloc with Latin
American banana-growing nations, dpa quoted officials as saying today.
In December, the EU agreed to progressively lower tariffs on Latin
American bananas, from 176 to 114 euros (239-155 dollars) per tonne,
ending a 15-year-old trade dispute that also involved the United
States.
But as a result of the deal, poorer ACP countries, which enjoy
preferential access to the EU market, were left exposed to greater
competition.
The EU's development commissioner, Andris Piebalgs, said in a
statement that the aid approved Wednesday would "help ACP countries
adapt to the new realities of the banana trade regime."
The 190-million-euro (260 million dollars) grant is to be shared
out between Belize, Cameroon, Cote d'Ivoire, Dominica, the Dominican
Republic, Ghana, Jamaica, Saint Lucia, Saint Vincent and the
Grenadines and Suriname.
Funding is going to be spread over the 2010-2013 period, the
commission said.
The EU executive added that the aid is going to be targeted
towards improving the competitiveness of those countries' banana
industries, encouraging their economic diversification and supporting
broader social, economic and environmental aims.


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