Thailand will sign a second additional protocol to speed up liberalising trade with Peru, said Nuntawan Sakuntanaga, director-general of the Trade Negotiation Department.
The protocol is needed to complete the free trade agreement between Thailand and Peru, signed in 2005. The protocol will be signed at the upcoming Asia Pacific Economic Co-operation (Apec) Ministerial Meeting, to be held from today in Singapore.
According to the Bangkok Post, the protocol will adjust rules of origin and update tariff codes to the 2007 harmonised system from the 2002 system. Thailand and Peru can thereby reduce or remove tariffs on about 70% of products traded between the two countries.
Thailand will also hold a meeting with the United States to propose that the US stop collecting anti-dumping duty on Thai steel tubes and joints. This duty has been collected for more than 17 years - which, in Thailand's view, is long enough to cover actual damages.
In discussions with South Korea, Thailand will seek a relaxation of examination of residue in its exports of white shrimp. Thailand will request that if no residue is detected in several consecutive shipments, the shrimp should be released quickly into the market.
At the Apec forum, ministers will express their support for the multilateral trade system under the World Trade Organisation, and for accelerated trade liberalisation in the group by focusing on rules of origin and trade.
The ministers will also discuss measures to support global recovery and to achieve sustainable growth through developing small and medium-sized enterprises and building the capacity of human resources.
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U.S. oil giant Exxon Mobil Corporation expressed interest in returning to Peru to participate in the upcoming tender for oil exploration and exploitation Peru will launch in January 2010, announced Perupetro president Daniel Saba.
Before joining Exxon company, the US Mobil Oil had already conducted explorations with the Anglo-Dutch Shell in Block 88 in Cusco -where Camisea gas fields were discovered- after signing the respective contract in 1996.
However, in July 1998, the consortium decided not to continue with phase 2 of the contract.
Mobil had signed an oil exploration and exploitation license contract for the Block 78 area located in Madre de Dios, however, in 2000, it returned to the Peruvian state after finding natural gas, since it realized it was not commercial exploitation.
In 1998, Mobil and Exxon agreed to merge to create Exxon Mobil, a process that was completed in November 1999.
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Peruvian President Alan Garcia announced light oil discovery in the north of the country's Amazon region, which will enables Peru to recover about one billion barrels of heavy oil in two other nearby blocks.
"We just got great news, “Talisman” firm has made a light oil discovery in the area, which will allow mixing the heavy oil (from other two blocks) and send it through the pipeline," he steated.
The Peruvian president said the new oil discovery is almost as important as the gas discovery made by Petrobras in block 58.
"This will result in more recoverable oil and gas. I am talking about one billion barrels of heavy oil. Once Talisman starts extracting light oil, this will become recoverable and will generates royalties for the country, fees for the area and taxes, and provide work in the pipeline," he told the press.
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Peruvian President Alan Garcia said he has been told about the discovery of a "large amount of gas" in block 58, located in the Amazonian region of Peru, which might ensure energy supplies after 2050.
"I was informed this morning, via telephone call from the jungle, that block 58 contains a significant quantity of gas," announced the head of state, who said he is awaiting more details.
He said that after visiting Guadalajara, Mexico, he will possibly inspect the well located in Urubamba, in block 58.
If this is true –taking in account that this well seems to contain over a trillion cubic feet gas- we can say we have made a giant leap in energy supply and that we have sufficient productive capacity until after 2050," he said.
According to the head of state, Peru has recoverable gas reserves in Block 56 of about 2.5 trillion cubic feet of gas, in addition to the more than 9 trillion cubic feet in Block 88, and two trillion in block 57.
All of it makes nearly 15 trillion cubic feet of recoverable gas.
Once figures are confirmed, Peru will have ensured its gas reserves to supply homes, vehicles, mining and petrochemical industries, and facilitate gas exports for next 40 years.
"This will guarantee the country's sustained growth," he stated.
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Two more international airlines are interested in using Peru as a hub for operations, or passenger and cargo transshipment center, since they are convinced the country enjoys a unique location in Latin America, reported Wednesday Peru’s Ministry of Transport and Communications (MTC).
"Two major international airlines asked the MTC to explore the possibility of letting them use Jorge Chavez International Airport as a hub," said Minister of Transport and Communications, Enrique Cornejo.
Central America's Grupo Taca and Chile’s Lan has turned Lima into a transit center of passengers heading to other destinations.
"Jorge Chavez International Airport is already a hub, that is, apart from those visiting Peru, many other passengers use Lima as a transit point to other destinations in the continent," he told Andina news agency.
However, both the MTC and Lima Airport Partners (LAP), the concessionaire for Lima's Jorge Chavez International Airport, are working hard to get more areas where new airlines can function.
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Peru and the European Union are in the final stage of negotiations for a Free Trade Agreement (FTA) and the next and last round of talks will be held on November 16 in Bogota, Peruvian Foreign Minister Jose Antonio Garcia Belaunde said today.
"The agreement has made important progress and the final stage of negotiations (...) will be held on November 16 in Bogota," he said.
According to the scheduled program, the Fourth Round of Negotiations for a trade deal between the European bloc and the Andean countries of Colombia, Ecuador and Peru was held last June in Bogota.
During that time, the heads of the negotiating teams maintained constant communication through conference calls and emails.
Among the main issues discussed are the free movement of goods, exemptions from provisions of the Market Access chapter and bilateral safeguard on agricultural products.
On the other hand, Minister Garcia Belaunde explained that there are two distinct processes in the free trade agreement with China: the implementation of the treaty and the adoption of the document.
"To implement the treaty we must take a series of internal measures that have nothing to do with the approval of the Executive or Legislative powers, these are two different things," he said.
Photo: Peruvian Foreign Minister Jose Antonio Garcia Belaunde speaks to 2009 Latin American Cities Conference held in Lima. Photo: ANDINA/Jack Ramón
Peru-Brazil integration will also facilitate cooperation in technological development, said Monday the cabinet chief, Javier Velasquez, after meeting the leader of Brazil’s Workers' Party, José Dirceu.
Both countries have good relations and enjoy strong complementarity in economy, which will allow further progress in bilateral cooperation, and facilitate access to technological development.
Velasquez supported the proposal to strengthen Peru-Brazil ties in technology.
"We must seek strategic complementarity, and take full advantage of the latest technological innovations in Brazil. We should undergo a structural transformation, and help our nation rise from being a primary based economy”, he said.
Peru’s prime minister also noted we are already overcoming some social gaps, which will provide the platforms for the technological development process.
Meanwhile, Jose Dirceu -former chief-of-staff of President Lula (in Brazil, the chief-of-staff has a ministerial status similar to the Cabinet Office)- said Brazil is interested in an association with Peru for hydropower development and technological exchange.
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