South Korea and the United States will hold the third round of talks on amending the free trade agreement (FTA) between the two nations in Washington this week, Seoul’s trade ministry said on Wednesday.
US, Mexican and Canadian trade experts leading efforts to draft new rules for auto content under a revised NAFTA trade deal aim to meet next week,
The US negotiator for regional content requirements in autos flew back to Washington from a NAFTA round in Mexico on Monday to talk with car companies, officials said, in a development some hoped would lead to progress on the contentious issue.
The emergence of a number of trade issues involving South Korea and the US – including a plan being mulled over by the US to slap tariffs on South Korean steel and GM Korea’s threat to close a factory in South Korea – is creating uncertainty about the future of the Korea-US Free Trade Agreement (KORUS FTA), just before the third round of negotiations aimed at revising the agreement.
Seventh round set to run Feb. 25 to March 5 in Mexico City. Rules of origin to be one of most discussed issues in talks.
Auto workers and manufacturers are rejecting assertions by Canada’s trade minister that the country won major access for them into the highly protected Japanese market in the recently rebooted Trans-Pacific Partnership.
Mexico will make a proposal for regional content requirements for autos at the next round of talks to renegotiate the North American Free Trade Agreement (NAFTA), a senior Mexican official said.
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.
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.