Latest news with #industrial sectors
Yahoo
5 hours ago
- Business
- Yahoo
South Korea to scrutinise US-Japan trade deal as officials fly to Washington
By Joyce Lee and Hyunjoo Jin SEOUL (Reuters) -Seoul will take a close look at the terms of a U.S.-Japan trade deal, South Korea's industry minister said on Wednesday, holding out the prospect of greater cooperation in the energy and industrial sectors ahead of key trade talks in Washington. Japan competes with South Korea in areas such as autos and steel, so Tokyo's trade deal will pile pressure on Seoul to reach a similar level of 15%, or better, by an August 1 deadline to avert reciprocal U.S. tariffs of 25%. The new finance ministry and the top trade envoy of Asia's fourth-biggest economy are set for high-level trade talks with U.S. counterparts in Washington on Friday. "Investors see the Japan-U.S. deal as a benchmark for the Korean deal," said Kim Sung-rae, an analyst at Hanwha Investment & Securities, adding, "The deal would put pressure on Korean negotiators to come up with a similar, or better, deal." South Korea's benchmark KOSPI index edged down 0.3% on Wednesday, but shares in automakers and suppliers rallied after the Japan-U.S. deal. Hyundai Motor rose 6.8% and Kia jumped 6.4%. New President Lee Jae Myung has said Seoul wanted to avoid a comparative disadvantage with other countries in trade deals. "It will be difficult for South Korea to have U.S. tariff rates lower than 15% on Japan and 10% on Britain," said Kim Yong-jin, a management professor at Sogang University. Seoul needed to import more farm goods and energy, as well as boost investments, as Japan had done to reach a similar outcome, he added. South Korea will exclude the opening-up of its rice and beef markets as a bargaining chip in the Washington talks, instead considering more U.S. imports of crops for fuel, such as corn for bioethanol, the Yonhap News Agency said. "We will make an all-out effort to produce a positive sum result that will allow Korea-U.S. industrial and energy cooperation to be upgraded to the next level," Industry Minister Kim Jung-kwan said in a statement. Since the result could have a significant economic impact, South Korea would respond thoroughly while closely considering the sensitivity of its industry, he added. He will meet U.S. Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright, among others, he told reporters before boarding a plane to Washington for the talks. In a post on Truth Social, U.S. President Donald Trump said Japan would boost market access for American producers of cars, trucks, rice and certain agricultural products, among others. The deal's tariff of 15% on all Japanese imports is down from a proposed 25%, with Trump adding that it would include $550 billion of Japanese investments in the United States. Last week, South Korea's Chosun Ilbo newspaper said the United States had asked Seoul in talks this month to set up a large-scale investment fund to support the reconstruction of its manufacturing industry, without identifying a clear source. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
2 days ago
- Business
- Zawya
Jordan: $2.6bln is annual production volume for mining industries sector
AMMAN — Statistical data from the Jordan Chamber of Industry (CJI) showed that the mining industries sector enjoys high production capacities of about JD1.93 billion annually, while the added value of the total production constitutes 65.1 per cent. The statistical data monitored on Saturday by the Jordan News Agency, Petra, indicated that the sector's contribution to the Gross Domestic Production (GDP) amounted to 2.6 per cent in 2024, while employing about 8,000 workers, of which 90 per cent constitute the local workforce. The sector's exports in 2024 amounted to JD1.032 billion, reaching more than 61 markets around the world, with India and Indonesia accounting for 50 per cent of its total exports, according to the JCI. The sector's products constitute an "important" and "complementary" part of all industrial sectors, as the mining industries products are "essential" to all industrial sectors. The products of this sector are also considered a "final" product for the local consumer, as well as a "productive" input for a number of industries, especially specialised fertilisers, Dead Sea products and others. The mining sector is one of the "largest" industrial sectors nationwide, with both phosphate and crude potash being one of Jordan's most important natural resources. The sector consists of large industries in terms of the volume of investments, which contribute "significantly" to the employment of the local workforce and cover the market need for primary, intermediate and final products. The sector is characterised by the use of the "latest" scientific methods of extracting and mining natural resources and converting them into products for export or local consumption. While there are many "positive" expectations for the sector with increasing "local" added value and investment in new fields such as oil shale and uranium. The statistical data prepared by the Department of Studies and Strategies in Jordan Industry, indicated the need to work on activating the exploitation of "unused" raw materials in the Kingdom in order to elevate the sector and meet the increasing demand locally and globally. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
