Search Result for : South Korea

The Dollar Business Bureau US and South Korean officials failed to reach an agreement on renegotiating their free trade  pact, which was termed by the US President as a ‘horrible deal’ – a Seoul official revealed to the media today. The Trump administration has been seeking to revise the FTA that was inked under the former President, Barrack Obama, which Trump labelled as a ‘job killer’. "For many, many years, the United States has suffered through massive trade deficits... we'll be changing that," Trump said during a June 30 summit with new South Korean President Moon Jae-In. South Korea, which is US’s seventh largest trading partner, on its part has maintained that there is no clear link between the pact and US trade deficit. ...

The Dollar Business Bureau A US-based technology group Information Technology Industry Council (ITI) has prodded the Trump government to take steps in overcoming barriers in digital trade and alleged that various countries including China and India are biased in their policies which unfairly disadvantage US companies.  In addition, the technology group named countries like Canada, Indonesia, Russia, South Korea, Mexico and Vietnam, which have followed discriminatory policies against American companies.  “Multiple foreign governments have turned to discriminatory or otherwise harmful policies that unfairly disadvantage American companies and impede the ability of technology products and services to drive growth,” ITI said in a report to the President.  The countries in which rules that treat foreign and domestic companies differently are Colombia, China, India, Indonesia, Russia, South Korea and ...

The Dollar Business Bureau Brazil and the European Union (EU) have jointly proposed a cut in the incentives provided by developing economies to the farmers, a step that could adversely impact India, along with other emerging countries.  In a paper to the World Trade Organisation (WTO), jointly prepared by the two, it proposed a reduction in the limits on subsidies given to farmers by developing economies.  If the given proposal is approved, India would not be able to provide any subsidy apart from the minimum support price (MSP) and may have to curb the incentives for disease and pest control, infrastructure, marketing services, etc.  In addition, the proposal asks to ban exports of food stocks that are meant for public distribution in ...

The Dollar Business Bureau  APEDA Chairman, D K Singh, while speaking at an Assocham event on cold chain development stressed that ‘Indian traders need to focus on logistics and other issues in their business plans which are relevant to global markets.’  He highlighted the feedback the department received from Korea on the shipment of mangoes, which was not good, as the shipment fell short in terms of quality, packaging and other issues. It should be recalled that South Korea agreed to import mangoes from India after conducting the stringent pest risk analysis (PRA). Indian mangoes are now popular in the US, Europe, the Far East, Middle East and also reaching and opening newer markets. India’s export of fresh mango stood at 36,329 ...

The Dollar Business Bureau The Cabinet has approved a proposed agreement for export credit of $9 billion between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for infrastructure development in the country and for supplying goods and services as a part of project in other nations. “The Cabinet, chaired by the Prime Minister Narendra Modi, has approved the proposed memorandum of understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of $9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries,” said an official statement. The MoU is likely to be signed between the two sides when Finance ...

The Dollar Business Bureau Due to an increase in dumping from China, India’s monthly imports of truck and bus radial tyres (TBR) recorded new highs averaging 1.2 lakh units in 2016-17. This has prompted the Automotive Tyre Manufacturers Association (ATMA) to reiterate its demands to DGAD seeking an early imposition of anti-dumping duty on the imports of TBR from China. Seeking an early redressal to help the domestic industry ATMA revealed the alarming figures that have been spiralling in the last few years. In its statement to the government, it said that the monthly numbers have now touched an average of 1.2 lakhs units in FY17 from a mere 40,000 in FY14. Imported tyres account for 40% of the replacement demand for ...

PTI South Korea's new President Moon Jae-In was sworn in Wednesday, just a day after a landslide election victory, and immediately declared his willingness to visit Pyongyang amid high tensions with the nuclear-armed North. Left-leaning Moon, a former human rights lawyer, backs engagement with Pyongyang in the quest for peace -- in contrast to the threatening rhetoric from the Trump administration in recent weeks. “If needed I will fly to Washington immediately,” Moon told lawmakers after taking the oath of office in Seoul's National Assembly building. "I will also go to Beijing and Tokyo and even Pyongyang in the right circumstances."  Moon will have a difficult diplomatic path to tread in his approach to the North, which ...

The Dollar Business Bureau  The International Monetary Fund (IMF) said on Tuesday that the economic growth of India is likely to rebound to 7.2% in the current fiscal of 2017-18 and 7.7% in the next fiscal of 2018-19 after the disruptions caused due to demonetisation, whereas it recommends the elimination of long-standing structural bottlenecks to increase market efficiency. The disruptions (majorly to consumption in private sector) caused due to shortage of cash post demonetisation, accompanying the initiative on currency exchange are likely to slowly dissipate this year as shortage of cash would ease, the IMF said in its report on regional economic outlook. Such type of disruptions would also be dissipated on account of a good monsoon season and sustained progress in resolving ...