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USTR Needs Ideas On Autos To Complete FTA With S. Korea

Wednesday, February 24, 2010

During a speech to the Detroit Economic Club, the United States Trade Representative (USTR), Ron Kirk, has said that, while it was aware of concern in the auto sector about the United States-Korea free trade agreement (KORUS FTA), the government was convinced of the significant economic benefits that the agreement would bring.

There has been vocal opposition in the US to ratification of the KORUS FTA, particularly due to the perceived imbalance in trade between the two countries and the non-tariff barriers to imports into the Korean domestic auto market.

Kirk said that the US government would now “like to get the KORUS FTA into a place where it can be passed by Congress, because we see the significant economic and strategic benefits it could bring us. But to get to that place we need to address the concerns about fair trade in autos. We have let Korea know that we will have to work together so we can show the American people that US cars will be able to compete on a level playing field in Korea.”

“We at USTR are hard at work,” he added, “to develop ideas for addressing these concerns, and we will be consulting closely with members of Congress and other American stakeholders as we move down this path.”

However, until now, the South Korean government has refused to enter into any renegotiation of the bilateral agreement, which was signed in 2007.

Kirk also pointed to trade barriers that the US auto sector faced in Japan. "Japan has a long history of treating our exports unfairly, and in the autos sector in particular, our companies have too often been denied access,” he said. “Just recently we successfully pushed for changes to Japan's ‘cash-for-clunkers’ programme that is now giving US autos greater opportunities to qualify. We welcome this change, but believe more can and should be done by Japan to make its programme even more inclusive.”

He assured his audience that, in both Japan and South Korea, “we are paying close attention to these barriers and will continue to work to address them.”

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Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
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Offshore Trusts Guide: Jurisdictions

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British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
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British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

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Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

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Guernsey: Legal Framework and Formation Rules and Fees
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Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
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Jersey

Jersey: Legal Framework and Formation Rules and Fees
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Jersey: Trusts Amendment Act 2006
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Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
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Madeira: Legal Framework and Formation Rules and Fees

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Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

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Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
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Nevis

Nevis: Legal Framework and Formation Rules and Fees

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Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

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Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

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Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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