American automotive giant Chrysler Group expressed opposition Tuesday to a proposed South Korea-U.S. free trade agreement (FTA), saying the accord fails to motivate the Asian nation enough to open its market to American-made cars.
Trade Minister David Emerson says he’s speeding ahead with free-trade talks with South Korea despite objections from the auto sector, and expects to sign a deal this year.
Wary North American automakers and their unions are warning the Canadian government not to be tempted by a recently concluded South Korea-US free trade pact into a similar deal.
Automakers yesterday said they were hopeful a free trade agreement between South Korea and the US will prove a boon to their industry, but added they were taking a cautious approach until the deal gets final approval.
For the past few years, the backers and denouncers of a free trade accord between Korea and the United States have feuded like the Montagues and Capulets. Not surprisingly, the two camps are still polarized on whether the trade pact bringing together the world’s largest and 10th largest economies is destined to be a happy marriage or Shakespearean tragedy.
In a major development, Colombo has agreed to work out permanent solution to Islamabad’s fears over the import of auto parts keeping in view the likely investment by India in Sri Lanka, a government official told The News.
In a major development, Colombo has agreed to work out a permanent solution to Islamabad’s fears over the import of auto parts under the Free Trade Agreement between Sri Lanka and Pakistan. There are reports that India is going to invest in the auto sector in Sri Lanka under the India-Sri Lanka FTA. Islamabad fears that the auto parts to be made in Sri Lanka by India would be exported to Pakistan.
The National Vehicle Distributors Association (ANADIVE) recommended to the Dominican population not to create the false expectations that automobile prices would drop because of the DR-CAFTA free trade deal.
Pressure is mounting on South Korea to open several of its markets to the US as free trade negotiations between the two nations are nearing an end.
More than a dozen farm groups are lobbying the US administration in Korea this week to ensure it only concludes a deal that significantly increases US agriculture exports. But agriculture’s interests are somewhat complicated by those of the auto industry, which has warned it could oppose the deal unless it ensures that US exports to Korea will increase. Still, some sources say that support from agriculture could trump opposition from the auto industry if a deal is reached.
Chief trade negotiators from South Korea and the United States are set to meet in Washington on March 19-21 to settle their differences over sensitive issues as they are eager to conclude a free trade deal by the end of this month.
The pending Thai-Japanese free trade agreement will become a catalyst for Thailand’s steel industry to deal with heavier competition, according to local experts.
South Korean officials expressed "regret" Sunday over US lawmakers’ demands that South Korea further open its auto market as part of a proposed free trade agreement (FTA) with the world’s largest economy.
A free trade agreement between Japan and Thailand could damage the attractiveness of the kingdom as an investment destination for high-technology auto-parts manufacturers from Japan with the introduction of a zero import-tariff rate, according to the Thai Auto-parts Manufacturers Association (Tapma).
The push for a US-Korea Free Trade Agreement, already under fire in South Korea, is being viewed skeptically by US manufacturers, especially carmakers, according to industry and congressional officials.
Pakistan asked Japan to strike Free Trade Agreement (FTA) otherwise the import of auto parts and machinery from Japan will suffer in the wake of FTA with China, Humayun Akhter Khan, Commerce Minister said Monday.
India seems close to crossing another milestone on its journey towards becoming the world’s small car manufacturing hub. Made-in-India small cars in this case, to be defined as powered by a heart smaller than 1300cc is soon expected to get an easier passage into Sri Lanka, under an expanded free trade agreement (FTA).
US Trade Representative Susan Schwab recently had told a radio broadcasting company in California that the US will not continue its FTA talks if Korea does not remove trade barriers in the automobile sector.
Duty concessions offered to some auto components from China under the Bangkok Agreement from September 1 this year have led to Indian companies alleging dumping.
After plantations and agriculture, its now the turn of the auto sector to protest against free trade agreements (FTA).