Fri, Jan 12, 2007
Both Sides Reaffirm Commitment To Deal
Trade officials of the European Union and the US will resume
talks next month before the World Trade Organization, aimed at
relaxing regulation of lucrative trans-Atlantic airline routes.
"Both sides reaffirmed their commitment to the goal of
concluding an EU-US agreement that would open access to markets and
maximize benefits for consumers, airlines, labor and communities on
both sides of the Atlantic," EU representatives told Forbes this
week. "To that effect ... the two delegations agreed to identify
areas where improvements might be made."
Sixty percent of global air traffic runs between the US and
Europe. The "open skies" agreement being sought by both sides could
result in lower prices for consumers.
The EU has been frustrated by US laws limiting foreign ownership
in US carriers to 25 percent. Officials have publicly expressed
their disappointment in the Bush administration for failing to win
congressional support for reform.
The current regulations prevent European airlines from combining
to serve routes, and limit flights out of their home countries. The
rules also block new low-cost carriers from competing with former
state-owned air airlines on trans-Atlantic routes.
As has been the case in many other free-trade debates, labor
unions in the US have protested the open skies initiative,
expressing concerns over possible lost jobs.
Critics have also included US airlines worried about increased
competition, and politicians afraid foreign investors will come to
control US carriers.
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