Britain’s trade deal with Japan settled the nerves of a lot of Japanese businesses in the United Kingdom and gives them confidence about their future prospects there, a senior Honda executive said.
The economic partnership agreement between Japan and the UK will maintain preferential tariffs for industrial products manufactured with components made in the European Union in a win for Japanese automakers.
South Korean exporters need to be on alert as India has been strengthening trade remedies such as anti-dumping measures to protect its industries, said a local trade association.
The two aim for a free trade agreement (FTA) in the long run and have been working on an initial trade deal for almost two years amid a plethora of bilateral issues ranging from medical devices, agriculture, Harley Davidson motorbikes, e-commerce, totalisation pact, visa issues and disputes at the World Trade Organization.
Britain will phase out tariffs on Japanese auto imports by 2026 but the countries are still negotiating what to do with levies on cheese under a post-Brexit free trade deal.
Japan and Britain aim to clinch a trade deal by the end of July and Tokyo wants to secure at least the same automobile tariffs as it has in its existing European Union trade pact,
To qualify for tariff-free trade, makers of heavy vehicles must meet various requirements, including a 60% regional content threshold that will increase gradually and 70% regional inputs of steel and aluminum.
As part of the settlement, the Japanese automaker is expected to receive between $185 million and $238 million, two sources aware of the matter said.
Mexico’s government asked the United States and Canada to grant its automotive industry extra time to adapt its supply chains as the deadline for implementing a new North American trade deal approaches.
A bipartisan group of 19 US senators urged the Trump administration to push back the planned June 1 start date for the new US-Mexico-Canada trade pact.
Automobile and wagyu beef exports to the European Union are increasing thanks to tariff cuts under an economic partnership agreement between Japan and the EU.
Auto tariffs are expected to come up as a top agenda item in Japan-UK trade talks that are expected to start as early as this spring after the latter’s exit from the European Union.
US rules-of-origin demand presents new challenge for Mexico. Requirements for cars are among most complicated USMCA topics.
South Korea and Indonesia on Monday wound up seven and a half years of negotiations on a free trade deal, with an agreement to remove tariffs on steel, autos and beer.
The chief of a major Korean business lobby said he has asked the United States to exempt South Korea from any future tariffs on autos.
Players in the automobile sectors from the East African Community and the Southern African Customs Union are developing a joint policy to encourage motor vehicle manufacturing that is beneficial to both blocs.
Japanese Prime Minister and US President signed off on a bilateral trade agreement that cuts tariffs on farm and industrial products.
The United States and Japan may fall short of signing a trade deal this week, as negotiators from both countries grapple with how to resolve President Trump’s threat to place tariffs on cars from Japan.
A key demand from the EU in the negotiation of a new free trade agreement will be that Australia ditches both its 5 per cent duty on imported European cars and the luxury car tax.
Trade Ministers of Thailand and Indonesia and the Secretary-General of the 10-member ASEAN group met Commerce and Industry Minister Piyush Goyal to discuss ways to speed up the RCEP negotiations