According to Seoul's estimates, South Korean manufacturers are forecast to see exports to China grow $1.35 billion thanks to the implemented FTA within a year.
If the liberalized trade reaches its goal 20 years later, South Korean companies are expected to reduce tariff costs by up to $5.44 billion annually, much higher than tariff savings of $930 million from the South Korea-US FTA and $1.38 billion from the South Korea-EU FTA.
Textile is one of the major items in the Sino-Korean FTA and Taiwan had already expressed concern that the trade agreement could slash its exports to China.
After the FTA was signed last year, the Taiwan Textile Federation (TTF) said 85 per cent of South Korean textile exports to China may be granted duty-free status in the future. At that time, TTF conservatively estimated the loss to Taiwanese textile exports to China could be $324 million or even more, once the FTA between South Korea and China is implemented.
Taiwan mainly exports fibres, yarns and fabrics to China, while South Korea ships fibres, apparels and accessories among the major items. (SH)
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