ID :
192663
Mon, 07/04/2011 - 09:09
Auther :
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https://oananews.org//node/192663
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Taiwan says its exports likely to be affected by S. Korea-EU FTA
By Kim Young-gyo
HONG KONG, July 4 (Yonhap) -- Taiwan said Monday its exports will likely be affected by a bilateral free trade pact between South Korea and the European Union (EU) as many of its products directly compete with South Korean products in Europe.
The free trade agreement (FTA), which took effect on Friday, is the first of its kind between an East Asian country and the EU. Seoul has said that the FTA could help two-way trade with the 27-member economic bloc go up as much as 20 percent in the long run.
The Taiwanese Ministry of Economic Affairs said around 1,500 Taiwanese products with an estimated total value of US$5.27 billion face a threat from the South Korea-EU FTA.
"The Taiwanese industries most likely to be affected are those that manufacture textiles, plastics and chemicals, mechanical products, metals, transportation equipment and flat-screen monitors," the Ministry of Economic Affairs said in a statement.
Many of Taiwan's exports to Europe are similar to those from South Korea who gets 70 percent of its exports to the region from the telecom, mechanical and automobile sectors, the ministry said.
However, Taiwanese electronics products, which are entitled to zero-tariff treatment, will not be significantly affected, it said. Taiwan is a signatory to the World Trade Organization Information Technology Agreement.
Taiwan's Vice Economics Minister Francis Liang is currently visiting Europe trying to persuade the EU to sign an economic cooperation agreement with Taiwan as soon as possible, the ministry said.
"Taiwan has to make haste to achieve an economic cooperation agreement with the EU in order to hold on to its market share in Europe," the ministry said.
The EU is the second-largest trading partner for South Korea after China and buys around 20 percent of Korean exports annually. In 2010, trade between the 27-member economic bloc and South Korea totaled $92.2 billion, up around 17 percent from 2009.
According to Taiwanese government statistics, the EU is Taiwan's fourth-largest trading partner and source of foreign investment, while Taiwan is the EU's 14th-largest trading partner. Last year, bilateral trade between Taiwan and the EU jumped 31 percent on-year to $48.6 billion.
ygkim@yna.co.kr
(END)
HONG KONG, July 4 (Yonhap) -- Taiwan said Monday its exports will likely be affected by a bilateral free trade pact between South Korea and the European Union (EU) as many of its products directly compete with South Korean products in Europe.
The free trade agreement (FTA), which took effect on Friday, is the first of its kind between an East Asian country and the EU. Seoul has said that the FTA could help two-way trade with the 27-member economic bloc go up as much as 20 percent in the long run.
The Taiwanese Ministry of Economic Affairs said around 1,500 Taiwanese products with an estimated total value of US$5.27 billion face a threat from the South Korea-EU FTA.
"The Taiwanese industries most likely to be affected are those that manufacture textiles, plastics and chemicals, mechanical products, metals, transportation equipment and flat-screen monitors," the Ministry of Economic Affairs said in a statement.
Many of Taiwan's exports to Europe are similar to those from South Korea who gets 70 percent of its exports to the region from the telecom, mechanical and automobile sectors, the ministry said.
However, Taiwanese electronics products, which are entitled to zero-tariff treatment, will not be significantly affected, it said. Taiwan is a signatory to the World Trade Organization Information Technology Agreement.
Taiwan's Vice Economics Minister Francis Liang is currently visiting Europe trying to persuade the EU to sign an economic cooperation agreement with Taiwan as soon as possible, the ministry said.
"Taiwan has to make haste to achieve an economic cooperation agreement with the EU in order to hold on to its market share in Europe," the ministry said.
The EU is the second-largest trading partner for South Korea after China and buys around 20 percent of Korean exports annually. In 2010, trade between the 27-member economic bloc and South Korea totaled $92.2 billion, up around 17 percent from 2009.
According to Taiwanese government statistics, the EU is Taiwan's fourth-largest trading partner and source of foreign investment, while Taiwan is the EU's 14th-largest trading partner. Last year, bilateral trade between Taiwan and the EU jumped 31 percent on-year to $48.6 billion.
ygkim@yna.co.kr
(END)
