Bananans Flashcards
(17 cards)
What is the ranking of bananas in terms of global agricultural commodity trade?
5th most traded agricultural commodity
What is the significance of bananas in least developed countries (LDCs)?
4th most important food product
Where is 90% of banana production located?
Central and Southern America, and the Philippines
How many tonnes of bananas are exported annually?
Over 20 million tonnes
What percentage of the money paid by consumers for bananas reaches the farmers?
10% of the money
What was the time frame of the banana trade war?
1993-2009
What preferential treatment did the EU provide to ACP countries?
Lower tariffs and better trade deals
What percentage of the EU’s banana imports came from ACP countries?
75%
What percentage of the EU’s banana imports came from Latin American bananas?
7%
Which organizations did the USA complain to regarding the EU’s trade practices?
WTO
What was the outcome of the WTO’s ruling on the EU’s trading system?
It was deemed unfair and violated free-trade rules
What sanctions did the USA impose on EU goods in 1999?
$520 million worth of sanctions
What agreement ended the banana trade war in 2009?
Geneva agreement
What benefit did Latin American banana producers gain after the trade war?
Access to markets with lower tariffs
Which large-scale banana farms in Latin America benefited from the trade war resolution?
e.g. Chile
Fill in the blank: The banana trade war primarily involved disputes between the EU and _______.
[Latin American TNCs]
True or False: The banana trade war ended with the EU increasing tariffs on Latin American bananas.
False
