Negotiators from Canada and the United States went down to the wire but were able to reach an agreement on a new free trade pact that will include Mexico, the governments announced late Sunday night. The United States-Mexico-Canada Agreement (USMCA) updates and replaces the nearly 25-year-old North American Free Trade Agreement (NAFTA), which President Donald Trump had labeled a disaster and promised to cancel. The rewrite "will result in freer markets, fairer trade and robust economic growth in our region," according to a joint statement from US Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland. After more than a year of talks, and six weeks of intense discussions, the governments were able to overcome their differences with both sides conceding some ground, but both hailing the agreement as a good deal for their citizens in the region of 500 million residents that conducts about $1 trillion in trade a year. Canada will open its dairy … [Read more...] about US, Mexico, Canada agree on free trade pact to replace NAFTA
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Vanuatu has officially joined the Global Alliance on Torture-Free Trade.Representing Vanuatu at the 1st Ministerial Meeting of the Alliance in the United Nations Headquarters, Minister of Foreign Affairs International Cooperation and External Trade, Ralph Regenvanu, made a statement announcing Vanuatu’s intention to join this Alliance, before signing a document to officially join.“The Vanuatu Government remains committed to the ban on torture in all its forms under international law and is concerned that, despite this international ban, materials used for capital punishment, torture and other cruel, inhumane treatment continue to be traded around the world,” he stated.“Vanuatu condemns the production, trade and the utilization of material used to support and facilitate such cruel practices and believes that concerted global efforts are needed to further contain such trade.”Mr Regenvanu confirmed the Vanuatu Government is “prepared, ready and willing … [Read more...] about Vanuatu joins Global Alliance on Torture-Free Trade
No deal, Chequers, free trade: What are the options for Brexit? BelfastTelegraph.co.uk With Boris Johnson warning that the Government is heading for a “car crash” Brexit unless it ditches Theresa May’s Chequers plans, what are the possible outcomes from the EU withdrawal process? https://www.belfasttelegraph.co.uk/news/uk/no-deal-chequers-free-trade-what-are-the-options-for-brexit-37324495.html https://www.belfasttelegraph.co.uk/news/uk/article37324494.ece/fcab9/AUTOCROP/h342/bpanews_8524317e-f3b0-42ee-92fc-14e76415d836_1 Email With Boris Johnson warning that the Government is heading for a “car crash” Brexit unless it ditches Theresa May’s Chequers plans, what are the possible outcomes from the EU withdrawal process? THE CHEQUERS OPTION Agreed by the Cabinet – then including Mr Johnson – in June, Theresa May’s blueprint would see the UK remain in a free trade area with the EU for goods but not services. UK customs officers … [Read more...] about No deal, Chequers, free trade: What are the options for Brexit?
AFTER the epic referendum battle and two years of trench warfare, the UK is approaching a fork in the road. The key issue for the country today is whether we adopt the free trade approach of hugely successful economies such as Singapore, Hong Kong, Switzerland, Australia and New Zealand, or whether we continue to shelter behind the EU’s high-tariff barriers. Tariffs are taxes on imported goods, which keep prices in shops and pubs at artificially high levels. The EU masquerades as a free-trade system, but the reality is that it imposes tariffs on imports from the 93 per cent of the world that isn’t a member of the bloc. Brussels’ unelected chief Eurocrat Jean-Claude Juncker and his autocratic acolytes have the temerity to lecture Donald Trump on free trade. Yet the EU itself keeps prices high by imposing tariffs on more than 12,000 imported products, including rice, coffee, oranges, new world wine, and children’s shoes and clothes. … [Read more...] about We have a terrific chance to choose free trade and a road to riches after Brexit
The government has been repeatedly told in private that British assembled cars will not qualify as British-made for the purposes of the much-vaunted free trade deals it hopes to sign upon leaving the European Union and its customs union. The government, in speeches and through its "Automotive Council", has repeatedly said that 44% of the value of UK cars is "local content".This would suggest that post-Brexit, the UK is not so far away from the thresholds of 55%-60% required to qualify for tariff-free trade in a typical trade deal.But, since the beginning of the year, the car industry has explicitly told the government, including at roundtables in Downing Street in the presence of the PM, that these numbers hugely overstate the position that is relevant for trade deals under so-called "rules of origin" regulations.This means that in the absence of special content deals, the bulk of UK assembled cars would not qualify for tariff-free treatment under a typical free trade deal.The … [Read more...] about Government warned British cars ‘won’t qualify for free trade deals’ after Brexit