BREXIT SAVES US BILLIONS IN EU FEES AND MEMBERSHIP COSTS
Summary:
In 2019, the European Union agreed to not cut tariffs imposed on large producers of Bananas, in order to shield the smaller producers in sub-Saharan Africa. Being an EU agreement, the UK is no longer bound by this – and as part of its FTA review with Andean nations is looking again at the banana tariffs put in place by the EU that the UK rolled over. Accession to the CPTPP also gave tariff concessions on bananas to both Mexico and Peru.
The banana is by far and away the most consumed fruit in the UK – and leaving the EU is making the humble banana cheaper for all of us.
Explanation:
In 2019, the European Union agreed to not cut tariffs imposed on large producers of Bananas, in order to shield the smaller producers in the French and Belgian colonial nations in sub-Saharan Africa.
Being an EU agreement, the UK is not bound by this – and as part of its FTA review with Andean nations is looking again at the banana tariffs put in place by the EU that the UK rolled over. In addition to this, banana tariffs concessions have also been made to both Mexico and Peru as part of the accession negotiations to join the CPTPP.
These opportunities to reduce the consumer price of the UKs favourite fruit, are only able to be progressed due to the departure from the EU.
Reference: https://theweek.com/business/retail/the-uks-love-affair-with-the-banana