What is the result after the EU cut the duty it imposes on Latin American producers of the fruit?

The European Union has initialed an agreement to end one of the world’s longest-running trade disputes over bananas. The EU, the world’s biggest importer of bananas, is to cut the duty it imposes on Latin American producers of the fruit, (29) while bananas grown in former European colonies will gradually lose the preferential terms they’ve enjoyed. Andrew Walker reports.
    The deal signed in Geneva commits the European Union to gradually lowering the tariffs it imposes on bananas imported mainly from Latin America. The cut will be over a third by 2017. (30) That will reduce the competitive advantage of a group of countries, mainly former colonies of EU states in Africa and the Caribbean, which enjoyed tariff-free access. The EU plans to provide those countries with some compensation, in a form of nearly 300,000 dollars in additional aid.