Free trade deal approves with US & S. Korea

Free trade deal approves with US & S. Korea ..
An opposition lawmaker with the Democratic Party tries to stop a lawmaker of the ruling Grand National Party and committee's chairman, to approve South Korea's free trade deal with the United States ..

South Korean lawmakers approve a free trade deal with the US, signed two years ago, paving the way for the assembly to vote on the pact this month.

The ruling Grand National Party (GNP) members physically fought off opposition lawmakers, trying to stop the proceedings held on Wednesday.

However, the deal which includes more favorable provisions for US automakers and other manufacturers was finally accepted.

Based on this agreement the USD 78 billion annual bilateral trade between the two countries will increase by as much as a quarter.

Earlier reports suggested that South Korea's ruling conservative GNP and a majority of the public would support the agreement.

World trade drop hits Hong Kong shipping

The whole shipping market starts to unravel
Ships travel to and from the manufacturing and trading hubs of southern China through the Lamma channel, and it is still busy.

But the ships once sitting heavily in the water, loftily loaded with containers, are now visibly higher in the water.

There is less cargo moving around the world, so less need for ships. Hence, dramatically lower rates for hiring large ships, and so a growing crisis in world shipping.

As the China boom deflates, demand for steel, iron ore and other bulk items from around the world diminishes, leaving bulk carrying ships all dressed up with nowhere to go.

"If you sit in one of the glamorous bars on the south side of Hong Kong, especially in the evening, you will see the lights of lots of ships," says Tim Huxley, chief executive of Wah Kwong Shipping, one of Hong Kong's largest ship-owners.

"Those ships are sitting there, waiting," he says.

Trade partners miserable with buy American

Trade partners unhappy with new provision for 'Buy American'
President Obama heard a lot of concern about the "Buy American" provision of his stimulus package during his trip to Canada on Thursday. Our trading partner to the north is not alone. Here's Donald Tong, Hong Kong Commissioner for Economic and Trade Affairs USA: "Our office will respect (the provision)," he said during a visit to San Francisco this week. "But what we are concerned about is this sort of tendency. The last thing we want to see are trade barriers being erected by trading partners. At first they may look good. But they're going to backfire."

The "Buy American" provisions in the 787-billion-U.S. dollar economic stimulus bill that U.S. President Barack Obama signed into law Tuesday, will deal a hard blow to world endeavors in saving the economy.

According to the legislation, the "Buy American" provision prohibits the purchase of foreign iron, steel and manufactured goods for any stimulus-funded infrastructure project.

The provisions, contradicting the principles of fair trade and posing potential hurt to developing economies, run against the general trend of intensified coordination and cooperation across the world community in efforts to tide over the economic crisis.

Most economists believe it is a better choice for world economies to simultaneously adopt expansive fiscal policies, enlarge government spending and save the global market via free trade, which they said would stimulate increasing returns to scale and result in a virtuous cycle for the global economy.

On the contrary, resorting to trade protectionism will only trigger a vicious cycle worldwide, they said.
However, for the ideal scenario of collective increasing returns to scale to be realized, the world's economies should enhance dialogue and cooperation on the basis of complete mutual trust.

Canada is the biggest trading partner of US

U.S. President Barack Obama on Thursday assured Canada, his country's biggest trading partner, that he would not pursue protectionist policies, and the two neighbours agreed to cooperate on cleaner energy technology.

Obama, on his first trip abroad as president, sought in talks with Prime Minister Stephen Harper to allay Canadian concerns raised by a "Buy American" clause in a $787 billion (550 billion pounds) U.S. economic recovery plan he signed this week.

"Now is a time where we have to be very careful about any signals of protectionism," Obama told a joint news conference after several hours of talks with Harper on his one-day visit to Ottawa.

"And as obviously one of the largest economies in the world, it's important for us to make sure that we are showing leadership in the belief that trade ultimately is beneficial to all countries," he said.

He stressed the United States would meet its international trade obligations and told Harper he wanted to "grow trade not contract it."

"I'm quite confident that the United States will respect those obligations and continue to be a leader on the need for globalised trade," Harper said afterward.

Harper said he was willing to look at strengthening the environmental and labour provisions of the North American Free Trade Agreement, something Obama has said he wants. But the Canadian leader said he did not support renegotiating the agreement, which has boosted trade between the two countries.

The two sides announced they would collaborate on environmentally friendly technologies that would help them develop an electricity grid fuelled by clean, renewable energy and to tap their vast fossil fuel resources with less pollution. The technology is not cost-effective now.

Nelson Wiseman, an associate professor at the University of Toronto, said there was no point for Obama to ask Canada to extend its mission in Afghanistan because Canada still has two and a half years left in their commitment.
"All kinds of things can change by then," Wiseman said. "Harper might not be prime minister in two years."
Canada, which has lost more than 100 soldiers in Afghanistan, is withdrawing its 2,500 combat forces out of the volatile south in 2011.

Want to go on a clothing-optional crocheting cruise? There may be one out there.

Theme cruise ships have bikers, nudity and a whole lot more
If you have a passion, chances are you'll find a cruise tailored to it. Specialty or theme cruises cater to a wide variety of lifestyles, hobbies and interests: Yoga, fitness, cooking, Christian music, mystery, scrapbooking, baseball, golf and solar eclipse cruises abound.

And if you can't locate a theme cruise organized around your pastime, you can find someone who will put one together for you.

The theme could be anything from poker to Pilates to personal finance. As long as it's legal and other people share your interest, a travel agent can book a block of staterooms aboard a scheduled cruise and work with the cruise line to plan an itinerary suited to your group.

Except for special activities, such as workshops and lectures available only to theme-cruise participants, your group will be a part of a regular cruise, sailing and blending in with other passengers.

On a motorcycle cruise, you can explore exotic destinations without the hassle of shipping your bike or renting someone else's. Even if yours isn't a Harley, you can wheel your Suzuki, Ducati, Yamaha or whatever your ride (just no trikes!) aboard any of the cruises offered by Entertainment and Travel Alternatives (ETA), now in its seventh year of motorcycle cruises.

Starting in April, you can drive your bike right to the pier at Port Liberty in Bayonne, N.J., and sail away to the Caribbean with ETA on Royal Caribbean's Explorer of the Seas. There are varying itineraries that give the group priority disembarkation, private cocktail parties, and escorted and insured motorcycle excursions at various ports.

Sometimes special-interest groups will charter a ship, as is the case with an upcoming music cruise offered by Cayamo. The program, called "A Journey through Song," stars the Indigo Girls, Lyle Lovett, Patty Griffin, John Hiatt, Shawn Colvin, Brandi Carlile and a lineup of other artists who provide entertainment on this seven-day Eastern Caribbean itinerary aboard Norwegian Dawn.