Latest news with #USTR
Fibre2Fashion
19 hours ago
- Business
- Fibre2Fashion
AAFA urges long-term AGOA renewal to boost US-Africa trade
Beth Hughes, vice president of trade and customs policy at the American Apparel and Footwear Association (AAFA), has delivered testimony before the Office of the United States Trade Representative (USTR), highlighting the importance of renewing the African Growth and Opportunity Act (AGOA) for calendar year 2026. Speaking at the annual review hearing (Docket Number USTR-2025-0012), Hughes stated that AGOA plays a pivotal role in driving US private-sector investment and employment across Africa and the United States. She shared testimonials from AAFA member companies, underscoring the impact of AGOA on business expansion and job creation. Hughes said that one member company recently inaugurated a new garment factory in Togo, employing over 250 local workers trained over the past eight months. The company plans to expand the workforce to 500, with finished goods shipped to a US-based warehouse that employs more than 100 Americans. Beth Hughes of AAFA has urged the USTR to renew AGOA for 2026, citing its critical role in boosting US investment and job creation in Africa and the US. She shared member success stories in Togo, Madagascar, Ghana, and Tanzania, and proposed enhancements like triennial reviews and improved customs systems. Hughes called AGOA a 'success story' and pushed for long-term renewal. She further noted that another US apparel company is preparing to construct a facility in Madagascar to relocate nearly 50 per cent of its production from China, Vietnam, and Indonesia. However, Hughes warned that this investment is entirely dependent on AGOA's renewal, as losing duty-free access would render the project unviable. In Ghana, a US company taking advantage of AGOA has become the country's largest private employer, with over 6,000 workers and plans to double that number by year-end. Much of the company's production has shifted from Asia to Ghana due to the cost competitiveness enabled by AGOA. Hughes also mentioned a long-standing AAFA member, founded in 1987, that has fully transitioned production from China to Madagascar and Tanzania since 2007. The company now employs over 10,000 workers—mostly women—and supplies 50 million garments annually to over 60,000 US small businesses, supporting around 3 million American jobs. She emphasised that AGOA's third-country fabric rule is vital, as it allows apparel manufacturers in lesser developed AGOA countries to source inputs from outside the continent while textile infrastructure in Africa is still being developed. At present, African suppliers provide only about 10 per cent of the cotton yarn and fabric used by local apparel manufacturers. To enhance AGOA's effectiveness and utilisation, Hughes said AAFA supports several targeted improvements. These include converting the annual eligibility review to a triennial cycle, allowing cumulation from African Union countries that have ratified the African Continental Free Trade Area (AfCFTA), and replacing outdated textile visa requirements with modern customs cooperation. She also recommended adjusting apparel quotas and revising the graduation criteria for AGOA beneficiaries. Calling AGOA a 'success story,' Hughes urged Congress and the Administration to renew the programme before the September 30 deadline and for the longest possible duration to provide certainty and encourage long-term investment. 'The time to act is now,' she said. 'AGOA has helped build a strong foundation for economic partnership, industrial growth, and mutual prosperity between the US and Africa. Let's not allow that progress to stall.' Fibre2Fashion News Desk (SG)
Free Malaysia Today
20 hours ago
- Business
- Free Malaysia Today
Halal rules non-negotiable in US tariff talks, says Tengku Zafrul
Investment, trade and industry minister Tengku Zafrul Aziz stressed that Malaysia won't compromise on trade sovereignty, national interest or key policies in US tariff talks. (Bernama pic) PETALING JAYA : Malaysia's halal certification standards are among the non-negotiable issues in ongoing tariff negotiations with Washington, says investment, trade and industry minister Tengku Zafrul Aziz. He said if the US wanted to have its halal certification recognised, it must comply with the guidelines set by the Islamic development department (Jakim), Berita Harian reported. 'The guidelines we've drawn up reflect lessons from past experiences,' he told the Dewan Rakyat during question time. 'If their halal standards are in line with Jakim's requirements, and the process is consistent with what we accept from other countries, then we can agree (to it), but Jakim must recognise it.' Tengku Zafrul was responding to a question from Syahir Sulaiman (PN-Bachok), who asked about the clear boundaries or 'red lines' Prime Minister Anwar Ibrahim recently said would not be crossed during the negotiations. The Office of the US Trade Representative (USTR) previously cited Malaysia's halal import rules and Bumiputera equity requirements as barriers leading to the 24% tariff initially imposed on April 2. In its 2025 National Trade Estimate Report on Foreign Trade Barriers, the USTR said Malaysia's halal standards exceeded international norms, requiring dedicated halal-only facilities and involving complex registration processes, which raised costs and delayed exports. Tengku Zafrul also said Malaysia's negotiation approach would be shaped by past experiences, taking into account both local sensitivities and US concerns. He emphasised that the government remains open to fair and constructive dialogue, but certain matters were not up for compromise. 'These include the Bumiputera policy in terms of local ownership and participation in strategic sectors, as well as the preference for local and Bumiputera companies in government procurement. Those are red lines,' he added. Tengku Zafrul reiterated that Malaysia would not yield on matters of trade sovereignty, national interest, or socioeconomic policy, whether in talks with the US or with multinational corporations. 'All of this is to protect Bumiputera interests and ensure balanced national economic development,' he added.
Daily Express
2 days ago
- Business
- Daily Express
No compromise on Bumi policy during US tariff talks, says Anwar
Published on: Monday, July 21, 2025 Published on: Mon, Jul 21, 2025 By: FMT Reporters Text Size: Prime Minister Anwar Ibrahim today said that the US must respect certain boundaries during the ongoing negotiations on reducing the tariff imposed on Malaysian products. (Bernama pic) PETALING JAYA: Malaysia will not compromise on its Bumiputera policy during ongoing tariff negotiations with the US, said Prime Minister Anwar Ibrahim. Anwar said that while Malaysia valued its trade and investment ties with the economic superpower, Putrajaya remained firm that there must be clear boundaries or 'red lines' in the negotiations. Advertisement 'The Cabinet has discussed this multiple times, but we have our position, we have our red lines – and we're prepared to face the risks,' he said, reported Berita Harian. 'What is that red line? Do not interfere with our national policies. 'They (US) say the Bumiputera policy is discriminatory. We say it's not. Malaysia stands by the policies we have adopted… This is our red line,' he said during the monthly assembly of the Prime Minister's Department in Putrajaya. Anwar, who is also the finance minister, added that procurement and opportunities for local companies must be protected during negotiations with the US. He said Malaysia was committed to safeguarding its national interests while continuing to strengthen trade relations with other countries, including China and Asean member nations, to expand market access. 'We must continue to trade and engage constructively with all countries, but no country should be allowed to impose conditions that put pressure on us,' he said in a Bernama report. Negotiations between Malaysia and the US have been ongoing following the announcement of a 25% tariff on Malaysian goods earlier this month. The tariff is expected to take effect on Aug 1. The Office of the US Trade Representative (USTR) previously cited Malaysia's halal import rules and Bumiputera equity requirements as barriers leading to the 24% tariff initially imposed on April 2. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the USTR said that Malaysia's halal standards exceeded international norms, requiring dedicated halal-only facilities and involving complex registration processes, which raised costs and delay exports. The report also highlighted investment barriers, particularly the requirement for 30% Bumiputera ownership in foreign-owned firms and restrictions in sectors such as oil and gas, media, and public procurement. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Express Tribune
5 days ago
- Business
- Express Tribune
Pakistan, US aim to boost trade ties with focus on IT, minerals, and agriculture
Finance Minister Muhammad Aurangzeb shakes hands with US Secretary of Commerce Howard Lutnick during a meeting in Washington on Friday, July 18, 2025. Photo: Ministry of Finance Listen to article Pakistan and the United States agreed to enhance trade and economic cooperation to foster a mutually beneficial partnership, following a high-level meeting between Finance Minister Muhammad Aurangzeb and US Secretary of Commerce Howard Lutnick on Friday, the finance ministry said. According to a statement, the Pakistani delegation also met with United States Trade Representative (USTR) Ambassador Jamieson Greer in Washington, DC. The discussions focused on advancing economic engagement, expanding market access, and identifying new avenues for collaboration. Both sides expressed satisfaction over the progress made in bilateral trade relations — a key pillar of Pakistan-US ties — and reaffirmed their commitment to explore opportunities in traditional and emerging sectors. Finance Minister Muhammad Aurangzeb meets US Secretary of Commerce Howard Lutnick and US Trade Representative Ambassador Jamieson Greer in Washington on Friday, July 18, 2025. Photo: Ministry of Finance Aurangzeb stated that the United States remains Pakistan's largest trading partner, noting Islamabad's interest in expanding cooperation in sectors such as information technology, minerals, and agriculture. He said the aim was to diversify trade and investment in ways that serve the economic interests of both nations. The two sides expressed optimism that ongoing trade talks would result in positive outcomes, with technical-level discussions scheduled to conclude in the coming week. Relations between Islamabad and the Trump administration have seen a notable upswing in recent months, particularly after the US intervened to mediate a ceasefire between Pakistan and India following a four-day conflict in May. In what observers described as an unprecedented diplomatic gesture, President Trump hosted Chief of Army Staff Field Marshal Asim Munir at the White House last month. During a luncheon in his honour, Trump acknowledged the army chief's role in de-escalating tensions with India. Also Read: Business community divided over strike call for Saturday Last month, Aurangzeb and Lutnick also held a virtual meeting that focused on reciprocal tariffs — part of broader efforts to recalibrate economic ties amid shifting geopolitical dynamics. Pakistan is seeking relief from the steep tariffs imposed under President Trump's trade policies, particularly a 29 per cent duty on Pakistani exports to the US. To offset the trade imbalance — Pakistan registered a $3 billion trade surplus with the US in 2024 — Islamabad has offered to increase imports of US goods, including crude oil, and to provide investment incentives in its mining sector. In a parallel development, the US Export-Import Bank is currently reviewing financing proposals ranging from $500 million to $1 billion for investment in Pakistan's mineral wealth, notably the $7 billion Reko Diq copper-gold project. The two countries also co-hosted a webinar to promote US investment in Pakistan's minerals sector. The event highlighted opportunities in large-scale extractive projects, including Reko Diq.
CNA
5 days ago
- Business
- CNA
Thailand expects similar tariffs to other regional countries, minister says
BANGKOK: Thailand expects to receive US tariff rates by Aug 1 that are close to those imposed on other countries in the region, the finance minister said on Friday (Jul 18) following talks with the United States Trade Representative. Thailand faces a 36 per cent tariff from Washington if a deal cannot be reached before Aug 1. The United States was Thailand's largest export market last year, accounting for 18.3 per cent of total shipments, or US$54.96 billion. Washington has put its deficit with Thailand at US$45.6 billion. The United States described Thailand's revised trade proposals as a "very substantial" improvement, minister Pichai Chunhavajira told reporters, after negotiations held online with the USTR on Thursday. "The atmosphere was good, and the direction was clear," Pichai said. "We addressed all concerns raised previously, particularly in solving problems," he added. Earlier on Friday, Pichai said the country made more concessions at the talks in addition to an earlier improved trade proposal that offered zero tariffs on many US products. US tariff rates on Thailand are expected to align with regional countries, Pichai said, adding that transshipment issues would require further discussions. Vietnam and Indonesia now face US tariffs of 20 per cent and 19 per cent, respectively, significantly lower than the levels announced in April. Thailand will protect its agricultural sector, especially some products that it is concerned about, Pichai said, adding that the trade proposals would also aim to strike a balance that benefits the country. Pichai earlier said the economy could grow just over 1 per cent this year due to the impact of US tariffs.
