An international commercial dispute because bananas, which last for 20 years, was in sfarist, done.
European Union and ten Latin American countries signed an agreement to end, formally, eight disputes handled by the World Trade Organization (WTO), reports BBC News.
WTO chief Pascal Lamy said the agreement is "truly a historic moment."
Understanding now comes after, in December 2009, the European Union agreed to gradually reduce tariffs on bananas from Latin America.
Exporters from Latin American countries protested over time from high tariffs imposed by the EU, so that smaller producers are protected from the former European colonies in Africa and the Caribbean.
"After many changes of situation, these complicated and contentious disputes in the political can be finally completed," said Lamy.
Understanding of 2009 provides that EU banelele reduce tariffs in Latin America from 176 euros per tonne to 114 euros per tonne, over a period of eight years.