These Protocols are essential for the ACP nations because tariff preferences alone could not ensure access to the EU market at a viable price. Successive banana Protocols have guaranteed to maintain the advantages which the Caribbean and other ACP states have traditionally enjoyed in certain national European markets, notably the UK, France and Italy. The Single European Act of 1986 had committed the EU to introduce a single market for all goods. Lom IV, which was signed in 1989, guaranteed that, if a common market regime were introduced for bananas, the traditional benefits would be safeguarded. Lome IV expires in February 2000.
Negotiations are in train for successor arrangements.
Whatever institutional structure is adopted it is vital that the substance of the Banana Protocol is retained.