After the grueling negotiations, South Korean Trade Minister Kim Hyun-chong said that the two sides engaged in intense discussions and there is still a long way to go. Here is Professor Chung In-gyo from the International Trade Department at Inha University to examine the latest FTA talks between South Korea and the US.
While “significant” challenges remain, all three ministers said some progress has been made this round.
Canada has proposed that Canada and Mexico would agree to a dispute settlement process between their two countries alone — to be outlined in an annex to the NAFTA.
Cultural and auto issues remain obstacles to reviving Pacific trade pact.
A bumpy road lies ahead for the renegotiation of the free trade deal between South Korea and the United States, a Korean senior trade official said.
There are no tariffs levied on South Korean auto parts shipped to the US which gives local carmakers to use any component while assembling. Local automakers have expressed concerns that any changes to the rules of origin could compel them to import and use parts they don’t really need and hurt local parts manufacturers.
Since the auto major has approached the Madras High Court, remedy under a treaty would now be barred, the Government said.
Negotiators gathered at an informal session in Washington are considering ways to work around a main impasse of the talks so far, a US demand on auto parts deemed unfeasible by Canada, Mexico and the industry.
The Tamil Nadu government moved the Madras High Court for an interim stay on carmaker Nissan Motor from proceeding with international arbitration over the alleged non-payment of incentives being claimed by it from the State.
Japanese automaker Nissan Motor has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives.
Negotiators from the United States, Mexico and Canada square off for the last time in a fifth round of talks to rework the North American Free Trade Agreement, with stalemate brewing on a contentious proposal to ramp up regional content for autos.
US auto parts are expected to be a key issue in the upcoming renegotiation for the bilateral free trade pact between Seoul and Washington.
The US wants 85 percent of content to come from the United States, Mexico and Canada. The request may include a demand for a 50 percent American content requirement.
Thailand is seeking a review of the Thailand-China free trade agreement as the 0% import duty for electric vehicles could derail the country’s plan to attract foreign manufacturers.
“This is one of the most productive plants in the world, and it’s losing out because they pay their workers $2 an hour in Mexico. It’s ridiculous,” Unifor president Jerry Dias said.
The agreements will force global companies to exclude us from manufacturing: Masrouga
Former diplomat says the EU’s insistence on opening up on wine imports from France and automobile imports from Germany have held up the EU-India FTA negotiations.
The cost of Mexican labour will be an issue in the renegotiation of the North American Free Trade Agreement, participants acknowledged at an auto-industry conference, touching on one of the key sectors up for discussion.
It’s essential for auto workers in the United States and Canada to not be persuaded by those who wish to portray Mexican auto workers as the problem. Workers in every country have the right to to seek a higher standard of living.
Ahead of a possible bilateral EU-Japan summit to conclude negotiations on a free trade agreement, the European Automobile Manufacturers’ Association (ACEA) calls on negotiators to ensure a balanced outcome for the European automobile sector.