Pakistan is pressing for a bigger reward for its alliance with the United States in the war on terror, with the country’s Commerce Minister calling for a Free Trade Agreement that would open up the American market to Pakistani goods.
The Government’s announcement to initiate free trade agreements (FTAs) with neighbouring economies, including ASEAN and Gulf countries, by 2006 has given Indian industry cause for concern.
Australian wool producers would reap a $780 million windfall if barriers to trade with China were ripped down, a new report has found.
The Philippine government is pushing for a sector specific free trade agreement (FTA) with the US starting off with the garments sector to immediately take advantage of a duty-free privilege for garment exports and strengthen its presence in the US, the country’s biggest garment market.
Georgia’s poultry industry is gearing up to ship more frozen chicken abroad under the Central American Free Trade Agreement, while parts of the state’s textile industry also stand to gain.
Mexico’s assembly-for-export industry, which has struggled to compete with China, will likely be hurt further by the proposed Central American Free Trade Agreement, officials said Wednesday.
The notion that 283,000 textile and apparel jobs will be created in Central America as a result of CAFTA is a pipedream.
Bangladesh, Pakistan and India continue to get locked in the niceties of negotiations on exchange of tariff concessions, particularly for competing products such as textiles at a time when less than six months are left for the agreement on South Asia Free Trade Area (Safta) of the seven-member South Asian Association for Regional Cooperation (Saarc) to come into operation.
While the Philippines and Japan still remained locked on three issues to finalize their Economic Partnership Agreement (EPA), both parties have agreed in principle for a zero for zero arrangement on the trade of garments and textile.
Workers and lawmakers in the textile belt fear that the deal, which is the president’s trade priority, will send more production abroad.
Though the end of the quota regime has made India a much sought-after destination in the textile sector, the industry here is reeling under fears of cheap imports from Sri Lanka and Bangladesh.
The Associated Chambers of Commerce and Industry of India sees tremendous scope for enhancing economic ties with Europe and has mooted a four pronged strategy for expanding India’s trade basket with the enlarged EU in areas such as information technology & communication, biotech & pharmaceuticals, agro foods processing and textiles.
In Thailand, FTA-mania under the administration of Prime Minister Thaksin Shinawatra is likely to continue in 2005.
On December 14, Israel, Egypt and the United States will sign the agreement leading to the establishment of Qualified Industrial Zones in Cairo, Egypt.
Egypt and Israel will sign a joint free-trade agreement with the United States in Cairo today
Delta Galil Industries chairman Dov Lautman, currently in London, told "Globes" this morning that the free trade agreement with Egypt was not only an economic achievement, but also a major political one. "The agreement will contribute to Israel’s economy, and to political reality in the Middle East."