TPT September 2010

G lobal M arketplace

plans to hold talks with Taiwan’s other trading partners in a push for further integration into the global economy. Tensions between Taiwan and China have eased in recent years under the policy of rapprochement instituted by Taiwanese president Ma Ying-jeou. The trade deal, which slashes tariffs on a wide range of products, is another sign of smoother relations across the Taiwan Strait. According to the Government Information Office of Taiwan, China is Taiwan’s largest trading partner, with two-way trade in 2009 accounting for nearly 29% of Taiwan’s total external trade and 41% of its exports.

while ensuring that around 2.5 million passengers continue to benefit from a choice of frequencies and competitive prices.” The British carrier Virgin Atlantic Airways took a contrary view, deeming inadequate the concessions made by Oneworld to win EU antitrust clearance. The three carriers agreed to cede some landing and take-off slots for routes between London and Dallas, Boston, Miami and New York, as well as to allow wider access to their frequent-flyer programmes on those routes. The commitments are for 10 years.

Trade Peru actively cultivates its Eurozone ties A free trade agreement between Peru and the European Union, ratified 18 May at the EU-Latin American Summit in Madrid, addresses issues beyond trade. It also provides better guarantees for European investments in Peru, with its attractive mining potential. Member-nations of the EU already account for the greater part of Peru’s foreign investment; together with Colombia, Peru since 2008 has been engaged in discussions with the EU to liberalise trade and investment restrictions. As noted by Oxford Analytica, Peru by its action in Madrid “broke with the understanding that any new agreement involving the EU would be negotiated collectively” with the countries of the Andean Community of Nations (CAN). Peru and Colombia have shown themselves much more open to economic liberalisation than CAN partners Bolivia and Ecuador. (“Peru Embraces Foreign Investments,” 25 May) The deal with the EU must be ratified in the European Parliament. Peru has reached a similar agreement (at the margins of CAN) with China, and is negotiating trade and investment deals with other Asian countries. › Another noteworthy trade agreement is that between China and Taiwan, signed in June without much fanfare but described by the Taiwanese information minister as a giant step toward overcoming his country’s economic isolation. At a 13 July luncheon in New York, sponsored by the Carnegie Council and the Overseas Press Club of America, Johnny Chi-Chen Chiang said that trade is Taiwan’s lifeline, and that the government at Taipei now

71

www.read-tpt.com

S eptember 2010

›