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.
Korea and the United States have extended their talks on a pending free trade deal by at least one more day in a last-minute effort to reach an agreement.
South Korea will focus on autos and is not ready to discuss beef during the upcoming talks with the United States for the ratification of a pending free trade deal, the chief South Korean trade negotiator said Monday.
Chrysler today voiced its opposition – along with Ford – to passage of a free trade agreement between the US and Korea as written in 2007.
Top trade officials from South Korea and the United States will hold further talks on Wednesday as the countries are struggling to resolve outstanding issues that have stalled the ratification of their free trade agreement signed more than three years ago, a Seoul trade official said.
Ford, the US car company, has launched an aggressive advertising campaign against the South Korea free trade agreement, which it argues would lock in unfair trade between the countries.
Korea yesterday denied a U.S. media report that it planned to make new “concessions” to secure the ratification of the Korea-U.S. free trade agreement from the U.S. Congress.
It is no secret that one of the final sticking points in the Korea-U.S. FTA is the alleged Korean non-tariff barriers (“NTBs”) in the automobile sector. The United States takes the position that the enormously low penetration of the U.S. automobiles into the Korean market can only be explained by NTBs.
Automotive Component Manufacturer Association of India (ACMA) Wednesday urged the government to look into the inverted duty structures in free trade agreements (FTAs) which it intends to sign.
The South Korean ambassador to the United States will meet with top executives at Ford Motor Co. and Chrysler Group LLC on Wednesday during a day-long visit to Detroit to discuss a contentious free trade agreement.
United States Trade Representative Ron Kirk says it is unlikely that other clauses will be included when bilateral talks are held to address Washington’s concerns on beef and auto regarding the Korea-US free trade agreement.
In the next few months European Union governments will have to decide whether to ratify a free-trade agreement (FTA) with South Korea that is described by the EU’s external-trade directorate as “one of the most ambitious and complete deals” it has ever signed.
A group of 75,000 automotive industry workers has slammed the Philippines Department of Trade and Industry for lack of earnest efforts to negotiate a delay in the tariff elimination of imported vehicles under the signed Japan Philippine Economic Partnership Agreement (JPEPA).
The “horrors” of the Japan-Philippines Economic Partnership Agreement (Jpepa) continue to haunt the country.
The Philippines is likely to suspend its tariff-elimination commitments for Japanese vehicles and auto parts under the two countries’ economic partnership agreement starting in January, as the government still needs to determine if the “increased investment” that Japan promised has indeed come in already.
While speaking on the Korea-U.S. Free Trade Agreement (FTA), President Lee Myung-bak hinted Thursday that he would consider engaging in additional negotiations in the automobile sector if the U.S. requests it. President Lee’s statement is expected to cause controversy.
U.S. President Barack Obama arrives in Korea on Nov. 18, but discord over the ratification of the bilateral free trade agreement with Korea is rising in the U.S.
The United States Friday repeated its call on South Korea to make concessions for a wider opening of its auto market so the U.S. can ratify a pending bilateral free trade agreement, Yonhap News reported..
Whichever FTA is signed first — Japan’s or the EU’s — will put pressure on the other pair of negotiators to reach pragmatic compromises. The race for India is on.
European auto manufacturers on Monday urged Brussels not to sign a free trade agreement with South Korea due to be inked over the coming days.