Background

Some automakers want more time to meet new USMCA rules

“‘Some companies in the automotive sector are requesting these alternative transition regimes in order to have this flexibility,’ de la Mora said. ‘We are working with the United States and Canada to define those flexibilities, and among the three countries we have decided that perhaps some companies do require it in order to comply with the new rules of origin,’ she added.”

[Reuters]

China's stunning export comeback has factories scrambling for workers

“A labour crunch isn’t the only constraint. China’s lopsided trade balance - exporting three containers for every one imported recently - and delays in containers returning to China due to the pandemic overseas, have created severe shipping bottlenecks, now starting to pinch exports.”

[Reuters]

U.S., Singapore sign MOU on trade financing

“Recognising the significant global tightening of credit following the economic slowdown caused by the COVID-19 pandemic, the MOU aims to enhance the availability of and access to trade financing options for U.S. and Singapore companies. The MOU will also facilitate bilateral trade in goods and services to enhance our respective regions’ growth opportunities.”

[Department of Commerce]

South Korea inks free trade pact with Indonesia

“Together with the RCEP, South Korea plans to eventually lift tariffs on 95.8 percent of the products being traded with Indonesia, while the ratio for Indonesia stands at 94.8 percent.”

[Korea Herald]

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