InfoAnda - EU plans to sign $100 bln S.Korea trade pact in '09

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Special Olympiacs getting well wishes for Shriver | 10 August 2009
Cuba tries doctors for mental hospital mass deaths | | 18 January 2011
S.Korea fines Qualcomm $208 mln in anti-trust case | 24 July 2009

FDA Warns Against Topical Anesthetics | 2 February 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : EU plans to sign $100 bln S.Korea trade pact in '09

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: EU plans to sign $100 bln S.Korea trade pact in '09 Reuters - Tuesday, July 14 * Swedish EU presidency plans to conclude S. Korea pact ADVERTISEMENT * Free-trade agreement estimated to be worth $100 bln * Diplomats see initialling of deal in September * EU carmakers remain opposed, BusinessEurope in favour By Veronica Ek and Darren Ennis STOCKHOLM/BRUSSELS, July 13 - The European Union plans to finalise a $100 billion trade pact with South Korea by the end of the year, the prime minister of EU president Sweden said on Monday. "The finalisation of the agreement will follow during the Swedish presidency," Prime Minister Frederik Reinfeldt told a news conference in Stockholm following talks with South Korean President Lee Myung-bak. The agreement with Seoul to lower barriers to trade and investment would be the EU's first such pact in Asia. The EU is South Korea's second largest export market after China, and South Korea is the EU's fourth largest non-European trade partner with bilateral trade reaching $98.4 billion in 2008. Trade officials from the 27-nation bloc gave their tentative assent for the European Commission -- which oversees EU trade policy -- to complete negotiations with a view to initialling the deal in September. The pact is estimated to be worth an additional $100 billion to the two economies. "We had a breakthrough in the negotiations last week. That's why I signalled I have good hope to finalise this during the presidency," Reinfeldt, whose country assumed the six-month rotating stewardship of the EU this month, said. Brussels and Seoul began negotiations in 2007 to scrap import duties and other barriers in industries including pharmaceuticals, consumer electronics and cars. But efforts to clinch the so-called free-trade agreement were stymied by some countries concerned that the deal to open EU markets to South Korean producers would severely damage Europe's ailing car industry. AUTO CONCERNS The EU's auto sector -- employing 2.3 million people directly and a further 10 million in related sectors -- is unhappy that South Korean manufacturers would be allowed to avail of so-called "duty drawback". Under the politically sensitive duty drawback scheme, South Korean carmakers would be able to import cheap components and have all import duties paid on those parts reimbursed if they are in cars destined for the EU market. Europe's carmakers, suffering from the worst financial crisis since World War Two, also wanted to limit the amount of foreign components -- mostly from China -- used by South Korean producers. European automobile association ACEA said last week that the FTA would create a "severe competitive disadvantage" for European industries and "effectively open the door for cheap imports from China and other Asian countries". But Lutz Guellner, spokesman for EU Trade Commissioner Catherine Ashton, said the deal will give "a much-needed boost to dwindling global trade and sends a positive signal ahead of negotiations to complete the Doha round of World Trade talks". "We have addressed, as best we can, the concerns of the auto industry and the overall benefits for the European economy are critical at this time," Guellner said. Europe's top business lobby, BusinessEurope, also backs the deal currently tabled by the Commission. LATEST PLAN The latest agreement drafted by the Commission and South Korea would make 97 percent of trade between the two governments duty-free within five years, phase out the bloc's 10 percent tariff on Korean cars in three to five years and scrap South Korea's 8 percent duty on European autos over the same period. Brussels says the trade pact would eliminate duties worth 1.6 billion euros for European exporters and around 1.2 billion euros in levies on industrial goods. The Commission estimates the accord would save European carmakers such as Volkswagen <VOWG.DE> and PSA Peugeot Citroen <PEUP.PA> around 2,000 euros on every car worth 25,000 euros. Once initialled, the agreement must be translated into each of the EU's 23 official languages before requiring the final green light from EU governments, which normally would take at least six months after initialling. The South Korean parliament must also approve the deal, which could take up to another seven years to be fully implemented. For a related factbox, click on [ID:nSP459202] Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Intel to report 2Q numbersAP - Tuesday, July 14 IMAX focused on Asia as part of global expansionAP - Tuesday, July 14 RHJ says Opel talks at advanced stageAP - Tuesday, July 14 Oil lingers around $60 on demand worriesAP - Tuesday, July 14 CIT Group in talks with regulators, shares tumbleAP - Tuesday, July 14 Most Popular – Business Viewed Worst yet to come: White House economic advisor Miniskirts, cleavage upset male SKoreans: survey Jackson 'best father' ever, daughter tells the world Pushy French are world's worst tourists: study London's Big Ben clocks up 150 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Tuesday, 14 July 2009
Opel stirs renewed takeover speculation
South Korea downgrades cyber attack alert
Judge postpones trial in UBS tax secrecy case
Russian president in unexpected visit to S.Ossetia
NASA to make fifth attempt to launch Endeavour
Microsoft moving Office online in duel with Google
400-bln-euro plan to pump African solar power to Europe
U.S. military boss urges Iraq to settle differences | International |
Disputed Iraqi city fears oil will only fuel woes
British government criticized over Afghanistan equipment | International |
Costa Rica eyes fresh Honduras mediation talks | International |
Darfur rebels threaten to boycott "chaotic" talks
U.S. envoy explores Israel-Syria talks: report | International |
U.S. worried about American scholar detained in Iran | International |
U.S. ambassador to Iraq unhurt by convoy bomb
Myanmar says to amnesty prisoners before elections | International |
Russia's Medvedev visits South Ossetia, defying West | International |
Iraq curfew in some Christian areas after church bombs
Israeli minister dismisses EU official's peace ideas
Investor values Facebook common stock at $6.5 billion | Technology |
Take Two revises forecast, delays game launch | Technology |
Mexico sets rules for mobile telephone banking | Technology |
Moratorium sought in Utah on depleted uranium
AP-GfK Poll method, questions and results
States ask FCC's OK to jam prison cell phones
US Supreme Court fight opens in Congress
More storms threaten Monday shuttle launch attempt
Convention organizer found dead in NY hotel room
Analysis: Translating the Sotomayor hearing code
Graham predicts Sotomayor OK 'barring meltdown'
Chow quits Kato role in 'The Green Hornet'
Jackie Chan, Jaden Smith start 'Karate Kid' remake
EU plans to sign $100 bln S.Korea trade pact in '09
Pakistani clerics condemn theft of electricity
IMAX focused on Asia as part of global expansion
Actor Neil Patrick Harris to host Emmy Awards show | Entertainment |
Pakistan to set monetary policy on July 25 -c.bank
From Bikini Bottom to pop icon; SpongeBob turns 10 | Entertainment |
S.Korea LG Chem buys 30,000T naphtha for late Aug
Judge denies Richard Hatch's Survivor reunion | Entertainment |
BB shows Montreux fans why he's King of the Blues | Entertainment |
George W. Bush inspired writer Tariq Ali | Entertainment |
Iraq boosts security in Christian areas after attacks
McDermott says stepmom Eve Ensler led him to act
US-ENTERTAINMENT Summary
George W. Bush inspired writer Tariq Ali
BB shows Montreux fans why he's "King of the Blues"
800,000 expected at French rock icon's Eiffel Tower concert
Nepal introduces grants for inter-caste marriages
'Gonzo' filmmakers hit London for Bhopal protest
Indian troops honoured on France's Bastille Day
Warhol's Jackson portrait dropped from NY auction
Mexico sets rules for mobile telephone banking
Jewish athletes converge on Israel for Maccabiah
Mali denies it paid ransom for Swiss hostage
Japan PM woes persist before vote, party in disarray | International |
US-TECH Summary
US auto task force changes leaders after GM exit
Jackson wasn't ready for London comeback: father
Facebook gets $6.5 billion valuation with share sale
US soldiers in Iraq charged with filming women
Chinese spy probe widens; Australia wants haste | International |
Investor offer values Facebook at 6.5 bln dlrs
Helicopter crashes in Afghanistan; casualties | International |
AP settles lawsuit with AHN Media
Iran executes Sunni rebels: report | International |
Goldman Sachs execs sold $700m of stock: report
Turkish PM told to take back Xinjiang genocide remark | International |
Swine flu pandemic now 'unstoppable': WHO official
Police injured in N.Ireland march season violence
Mosaid sues IBM for patent infringement
Turkey signs big Europe gas pipe deal
Take Two reduces forecast, delays game launch
US deficit reaches more than one trillion dollars
Medvedev in surprise visit to rebel Georgian region
Suspected drug hitmen dump 12 bodies on Mexico road | International |
Microsoft seeking buyer for Razorfish: WSJ
Ousted Honduran president issues talks ultimatum | International |
Facebook gets $6.5 billion valuation with share sale | Technology |
Blockbuster, Samsung set on-demand video pact | Technology |
Southwest inspects planes after emergency landing
Mosaid sues IBM for patent infringement | Technology |
High-tech drugs would get 12-yr market protection
Monsoon floodwaters drown 7 in bus in India
CAPITAL CULTURE: Obama is latest duffer in chief
Chinese iron probe widens; Australia wants haste
Konica Minolta to start new film plant by autumn 2010 | Technology |
Monsoon floodwaters drown 7 in eastern India
Suburban Philly pool faces discrimination suit
Chines intellectuals call for release of Uighur
NKorea's Kim tours factory amid health speculation
Palin's PAC reports raising more than $730,000
Mexico, US set protocol on weapons cooperation
Myanmar dangles amnesty, UN demands prisoner release
Cadel Evans knows allies may be hard to find
3 dead after Amtrak train hits vehicle in Illinois
Clinton: Vetting for USAID job 'ridiculous'
Japan lifts ban on children donating organs
Hopes for Ishikawa to lift struggling Japan golf
Reports: China probes 5 steelmakers in Rio case
Moderate earthquake strikes offshore Taiwan
Taiwan could issue more bonds to fund stimulus-paper
Taiwan dollar off 2-½ month low, eyes on stocks
US, China set date for new high-level dialogue
Seoul shares open higher as banks, techs rally
NZ well placed for recovery, needs weak currency-RBNZ
Actor Neil Patrick Harris to host Emmy Awards show
EU regulator reveals cartel probe into LCD firms
IMAX focused on Asia as part of global expansion
Lady GaGa charts third No. 1 on Mainstream Top 40 | Entertainment |
Idol champ Sparks at peace with Battlefield | Entertainment |
Indie distributor Oscilloscope greets Messenger | Entertainment |
Finns find their feet at tango street festival
Bruno tailored in UK for younger crowd | Entertainment |
US-ENTERTAINMENT Summary
The gods have spoken: Portman tapped for Thor | Entertainment |
"Ephemeres" makes lasting impression
Fans gather in London where Jackson was to perform | Entertainment |
Lady GaGa charts third No. 1 on Mainstream Top 40
Ephemeres makes lasting impression | Entertainment |
Close pal to issue Farrah Fawcett book next month | Entertainment |
Toby Keith puts "American Ride" in high gear
French beach boys feeling good surfing vibrations
Actress Maura Tierney to have breast tumor surgery | Entertainment |
Jackson's mother seeks to be trustee of his estate
ABT's many Romeos, Juliets are studies in contrast
Fans gather in London where Jackson was to perform
Close pal to issue Farrah Fawcett book next month
Kids Of Ex-Cop Jailed Nearly 20 Years For Molestation Say Dad Did Not Abuse Them
Britney Spears Changes Her Stage Show To Make Sure She Doesn't Get "Bored"
Teen Becomes Youngest African-American Female To Fly Across U.S. Solo
Invasive Pythons Wreaking Havoc In Florida
Transplant Drug May One Day Extend Human Life
GM Considering Partnering With eBay To Sell Cars
Joe Jackson To Put Michael's Children On Tour
Helicopter crash kills six in Afghanistan: NATO
German investor confidence posts surprise drop
Khmer Rouge interrogator says no regrets about deaths | International |
Cyber crime lords using big business tactics: Cisco
Cats purrfect the art of getting what they want: study
West Bank car accident injures 3 Israelis
EU assembly gets first president from Eastern Europe | International |
Microsoft touts early feedback on Bing
Poverty hampering access to vaccine: WHO chief
'Virginia Woolf's beach' sold for £80,000
Konica Minolta to start new film plant by autumn 2010
Youths mark Bastille Day by burning cars in France
Iran hangs 13 members of rebel Sunni Muslim group
Rwanda governor jailed for life for genocide | International |
First trip to moon recreated for Internet generation
CORRECTED: Blair says West Bank bottom-up effort gets result | International |
Somali gunmen kidnap two French security advisers | International |
Two Israeli warships cross Suez Canal | International |
Liberia's Taylor takes stand to deny war crimes | International |
23 militants killed in clashes in Pakistan
NATO: 6 killed in Afghanistan helicopter crash
AP NewsAlert
China city tense after police shooting kills 2
Deadly Pakistan clashes, NATO tanker ambushed: officials
Poor IT job market may fuel online crime: Cisco | Technology |
Japan PM hit by censure motion
China stops shock therapy for Internet addicts
Madoff leaves Atlanta lockup, headed to NC prison
Obama goes to Michigan, then All-Star Game
NTSB to issue final report on Boston trolley crash
China bans electro-shock therapy for Internet addicts | Technology |
Australia braces for mass swine flu vaccination
Interrogator at Khmer Rouge prison denies torture
Low gas prices hurt sales of high-ethanol E85 fuel
Japan PM survives no confidence vote
Trucker who went on killing spree awaits execution
AP source: Review planned for terror alert system
AP sources: Obama wants Senate health bill quickly
Key terms used in Sotomayor confirmation hearings
Indonesia blames separatists for Papua attacks
Hoarded art by 'quirky' collector could net $20M
Toyota rolls out first hybrid-only Lexus model
Iran singer gets jail term for Koran disrespect
LA mayor: City will pay costs from Jackson event
Michael Jackson family says concert plans too much for him | Entertainment |
Taiwan to welcome many China tourists in 2009: Ma
Son of late porn mogul Mitchell suspect in killing
S.Korea's OCI denies report on chairman being probed
ID'ing the masses may solve Indian identity crisis
"Bruno" tailored in UK for younger crowd
The gods have spoken: Portman tapped for "Thor"
S.Korean police: Hackers extracted data in attacks
Offshore holdings of NZ govt debt fall in June
Writer Claims "Lost" Was Ripped Off From Pilot He Wrote In '77
Gift-wrapped Fan Stalks Boy Band JLS
Beauty And The Beast: Emma Watson And Marilyn Manson Team For Gothic Cinderella
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01