Chiquita takes European Commission to court

- Last updated on GMT

Related tags: European union

Leading banana producer Chiquita Brands International Inc.,
currently facing financial difficulties, has filed a lawsuit
seeking 564 million euros ($525)...

Leading banana producer Chiquita Brands International Inc., currently facing financial difficulties, has filed a lawsuit seeking 564 million euros ($525) million in damages from European regulators. Chiquita, the world's largest banana producer, also renewed its call for the United States to retarget $191 million in existing trade sanctions on a new set of European Union goods. The company filed its lawsuit with the European Court of Justice, seeking damages from the European Commission, the executive body of the European Union, because of import restrictions since 1999. In the early 1990s, the European Union erected trade barriers against banana imports from Latin America, favoring banana producers in former European colonies in the Caribbean. The commission amended the banana rules in January 1999 in response to a ruling from the World Trade Organization. However, a WTO panel ruled in April 1999 that these amendments actually perpetuated violations of WTO standards. Source:Reuters

Related topics: Market Trends

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