Canada and South Korea are moving closer to a long-delayed free trade deal amid stiff resistance from Canadian-based auto makers.
General Motors says it is likely that South Korea will end up making its cars for the Australian market under the coming free-trade agreement between Canberra and Seoul.
South Korea is likely to press India for an upgrade of the bilateral free trade pact when finance ministers of the two countries meet on Wednesday, arguing that its rival Japan was offered a better deal. However, India is unlikely to immediately revise the Comprehensive Economic Partnership Agreement (CEPA) signed in 2009, an official told ET.
The executive chairman of the company behind Australia’s top-selling cheese brand has warned that the Australian government’s support for the car industry is holding up a free-trade agreement with China.
U.S. Secretary of Commerce Penny Pritzker said Tuesday that U.S. automobile sales to South Korea have sharply grown since a bilateral free trade agreement (FTA) went into effect in March last year.
U.S. auto workers have started delivering to Washington petitions demanding trade concessions from Japan on the same day Japan formally announced it had joined in U.S.-led effort to create the multi-lateral Trans-Pacific Partnership (TPP), the largest free-trade agreement in history that would cover 40 percent of the global economy.
The Minister of Development, Industry and Foreign Commerce, Fernando Pimentel, suggested that Brazil could postpone the date the auto parts and automobile free trade agreement between Brazil and Argentina will become effective - the scheduled date is July.
India’s passenger vehicle industry is in a tizzy over the import quota proposed in the free trade agreement between India and the European Union.
Australia’s meat exporters believe they are being sacrificed for the benefit of the car industry as negotiations for the Australia-Japan free trade agreement draw closer to conclusion.
Indonesia has not reduced its import duties on certain Japanese cars as required under a trade agreement between the two countries, the Nikkei said.
Indian auto industry body Society of Indian Automobile Manufacturers (SIAM) on Monday came with a White Paper on the India-European Union Free Trade Agreement (EU-FTA). It has said the pact will curtail investments in automotive manufacturing in India and, consequently, employment opportunities.
Agriculture has long been the bane of Canadian trade negotiators. No trade deal gets done without crossing farmers first.
In a move that could spell relief for the domestic auto industry, India may not offer the European Union (EU) a sharp customs duty cut to 10-30 per cent for imported premium cars as previously envisaged under the upcoming free trade agreement (FTA).
South Korea’s auto industry expressed fears of an influx of car imports as Seoul kicked off trilateral talks on Tuesday with Japan and China to allow free trade between over 1.5 billion consumers in the three Asian nations.
Prospects for a trade pact have brightened the spirits of automakers along with many other types of Continental companies. And not only because it might make it easier for their products to compete in America’s giant consumer market.
It has finally been revealed in Korea that the biggest reason that the implementation of the low-carbon vehicle incentive system has been delayed to 2015 was the South Korea-United States Free Trade Agreement (KORUS FTA). Concerns that the KORUS FTA would endanger not only legal but also legislative sovereignty and jeopardize Korea’s ability to create and enforce public policies are being realized.
Luxury carmaker Mercedes Benz India said it supports industry body SIAM’s position on not including automobile sector in the proposed free trade agreement with European Union.
Germany’s automotive industry association (VDA) is calling for any revamped European Union-US Free Trade Agreement to concentrate on establishing common standards in a bid to slash billions of dollars from development costs.
News that Japan and the European Union have agreed to start negotiations for an economic partnership agreement was a breath of fresh air for Japanese export-related companies, as it is highly likely an EPA deal will give a boost to their businesses.
Heavy Industries Minister Praful Patel Monday said his ministry is agreeable to cutting duty on luxury cars imported from Europe as part of the proposed India-European Union free trade agreement.