Home / Knowledge / News / Textiles / Korea-US FTA to affect Taiwanese textile exports
Korea-US FTA to affect Taiwanese textile exports
16
Mar '12
The South Korea-US Free Trade Agreement (KORUS FTA), which came into effect from March 15, 2012, will negatively impact Taiwan's textile exports to the US, according to the Industrial Development Bureau (IDB) under the Ministry of Economic Affairs (MOEA).

Lien Yu-ping, head of industrial policy division at the IDB, said the implementation of the KORUS FTA is likely to affect more than US$ 3 billion worth of Taiwanese exports to the US.

He said the textile industry will be affected the most as the FTA will allow several South Korean products to be exported duty-free to the US, which is also one of the major export destinations for Taiwanese goods.

With the FTA taking effect, at least 5 percent or around US$ 60 million of Taiwan's textile exports to the US will be replaced by South Korean items, Lien said.

Taiwan exported textile products worth US$ 1.12 billion to the US in 2010.

Lien said Taiwan and South Korea have been competing in international markets for exporting similar kind of goods.

In its effort to lessen the impact of the FTA on Taiwanese exports, the Government will assist domestic textile producers to develop items that differ from those made in South Korea, Lien revealed.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search