Heavy Industry Minister Praful Patel has said the Commerce Ministry is "broadly supportive" of the view that the domestic automobile industry should be protected when India signs a free trade agreement with the European Union.
For over four years now, India has been negotiating a Free Trade Agreement (FTA) with the European Union (EU) - the largest trade and investment deal the country has ever embarked on. As much as New Delhi expects to lure the European market and investments closer to India, the actual consequences for the country’s economy could be dire: the open up of public procurement, the deregulation of the banking, automobile, retail and mining industries plus the adverse impact the deal will have in small-scale farmers make of this FTA a counter-productive undertaking.
At a time when India and the EU are struggling to negotiate duty cuts on automobiles, New Delhi will drastically reduce tariffs on diesel engines and gear boxes from Japan under their free trade pact.
Swedish carmaker Volvo says it does not plan to assemble cars in India as it was expecting an import duty cut on completely built units, assembled in Sweden, under the India-EU free trade agreement likely to be finalised shortly.
The European Union has sought substantial reduction or even elimination of duties in export of its automobiles, wines and spirits to India as a "must have" in the free trade agreement being negotiated between the two sides.
Free-Trade agreements with South Korea and Taiwan.
This is what the State-owned think tank Philippine Institute for Development Studies (PIDS) is urging the government to forge in order to help boost the local automotive industry.
Japanese carmakers such as Toyota and Honda struggled to secure a firm market share here in the first half of 2011 while other imported auto brands boasted record sales.
Amid speculations of India giving in to EU’s demand on lowering duty on imported cars in the proposed free trade agreement (FTA), the auto industry has cautioned that if such a concession was granted, future investments in the sector in the country will be hit.
Suriname has taken steps to protect the restrictions on the imports of secondhand cars that are in force because of Economic Partnership Agreement (EPA) between the region and Europe.
The world’s largest carmaker, Toyota, has said it would be unfair to Japanese carmakers in India, who have invested more and for a longer time, if Europe-made cars get import-duty incentives under the Indo -European Union Free Trade Agreement.
Vehicle importers are urging the government to implement the scheduled tariff cuts under the Asean free trade agreements (FTAs) with China and Korea.
India will protect its automobile industry as it has reached the final stages of negotiations for a free trade agreement with European Union.
The possibility of fully-built vehicles being included in India’s FTA with EU — home to auto majors like Volkswagen, BMW, Mercedes Benz, Fiat and Renault — is causing considerable heartburn in the auto industry.
India’s proposed free trade agreement (FTA) with the European Union could include tariff reduction on import of vehicles as well as automotive components.
Free-trade agreements with India and Japan could undermine the UK’s automotive industry, which employs 700,000 and accounts for more than 10 per cent of exports, the Society of Motor Manufacturers and Traders is warning.
Stating that incentives should be given for setting up manufacturing bases in the country, SIAM today said it opposes any lowering of customs duty on fully imported cars in the proposed India-EU free trade agreement.
It is Canada’s forgotten trade deal.
Free trade negotiations with South Korea began in 2004. And nearly seven years later, there’s still no pact.
In their South Korea-U.S. Free Trade Agreement (KORUS FTA) renegotiations, South Korea and the United States agreed to draft and submit an additional accord to their respective legislative bodies that includes full-scale revisions to the auto provisions of the previous agreement formally signed in 2007.
Korea will hold talks with the EU over vehicle gas mileage and greenhouse gas emission standards in the free trade agreement after renegotiations of the FTA with the US opened the door for adjustments.
Hyundai-Kia Automotive Group is bracing for stiffer competition in the domestic market under the Korea-US free trade agreement, as the pact will likely make Japanese and German cars much more price-competitive here.