The United States, the European Union and Latin American banana producing nations have ended their long running dispute over trade in bananas. The debate focused on the treatment the EU gives to the import of bananas from the African, Caribbean and Pacific countries in preference to bananas from Latin America. WTO Director General Pascal Lamy said this has been one of the most technically complex, politically sensitive and commercially meaningful legal disputes ever brought to the WTO.
Thus comes to the end one of the longest running "sagas" in the history of the post-WWII multilateral trading system. According to Lamy, there has been lengthy consultations, legal examinations, negotiations, and gentle prodding by an "honest broker", to find a solution.
"This proves there is no trade issue which lies beyond the reach of WTO members when they exhibit good will and a spirit of compromise," Lamy said. "The same pragmatism, creativity and diplomacy will help move forward the Doha Round negotiations."
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