EU and Latin American countries on Tuesday closed in on a deal that could end a 16-year dispute over banana tariffs, an issue with implications on wider trade talks, officials said.The deal on lowering European Union banana tariffs for Latin American suppliers could be concluded "by the end of the week or beginning of next week," a source close to the negotiations said.
An internal European Commission memo obtained by reporters said "a banana agreement with the Latin American suppliers is within reach."
"We are still working to also bring on board the U.S., which was a party to the dispute, through a parallel agreement and hope this can be achieved this week," the memo said.
The deal could bring an end to the dispute that began in 1993 and which centers on the EU's preferential trade regimes for ex-colonies in Africa, the Caribbean and the Pacific, known collectively as ACP nations.
A resolution could also give a boost to wider trade talks.
The dispute has highlighted free trade conflicts between rich and poor nations, with many ACP countries small and underdeveloped.
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