According to the International Centre for Trade & Sustainable Development, India has partnered in two new trade agreements: one with South Korea and another with the Association of Southeast Asian Nations (ASEAN) trade block.
- India, South Korea Sign Free Trade Agreement
After more than three years of negotiations, India and South Korea signed a Comprehensive Economic Partnership Agreement covering trade in goods, services and investment, and international property rights. Both countries agreed to gradually lower tariffs over a 10-year period, once the South Korean National Assembly ratifies the agreement.
Just 6 days later, India finalized another trade agreement with ASEAN that was 6 years in the making:
The Trade in Goods Agreement between India and ASEAN cut tariffs by 80 percent as of 1 January 2010. The agreement has added flexibility to protect more sensitive domestic goods and will allow the use of safeguards for up to four years if liberalisation hurts domestic industry, according to a statement by India’s Minister of Commerce and Industry Anand Sharma.
For the complete details, read the article at the International Centre for Trade & Sustainable Development.
World Trade Magazine recently published the results of a survey that asked Chinese toy and game suppliers its plan to strengthen its export markets within the next 12 months.
”Even amid the major economic slowdown in the U.S. and EU markets, these
remain the top export markets for China’s toy and game manufacturers,” said
report publisher, Spenser Au.
Many of the suppliers are opting to use more expensive raw materials to make the toys and games for higher quality, but have to pay higher cost to remain compliant. The biggest challenges for the suppliers are:
-47 percent cited stricter overseas compliance standards;
-19 percent said price competition; and
– 19 percent cited the cost of raw materials.
More than half reported they plan to focus more on the EU market rather than the U.S. Similarly, suppliers are also branching out to Africa, the Middle East and Eastern Europe to help boost export.
”Suppliers are upgrading product lines with the expectation that the
market may recover in the next 12 months,” Au said. “More than half of
respondents predicted exports to grow in the year ahead.
The survey was conducted by China Sourcing Reports.
To read more findings from the survey, please click here.