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Taiwanese textiles to reach US & EU via Mexico, Turkey
Feb '13
Taiwanese products, including textiles, will use Mexico as gateway to increase its exports to the US, to reduce the negative impact of the South Korea-US free trade agreement (FTA), the country’s trade promotion body has said.
Similarly, Turkey would act as a gateway for boosting Taiwanese exports, including textiles, to the EU, in view of the South Korea-EU FTA, according to Taiwan External Trade Development Council (TAITRA).
In textiles, Taiwan and South Korea produce similar products and hence both the countries vie for greater share in the US and the EU markets.
But the implementation of South Korea-EU FTA in July 2011, followed by South Korea-US FTA in March 2012, has provided an advantage to South Korean products vis-à-vis Taiwanese goods.
The FTAs allow South Korea to export its goods, including textiles, to the US and the EU at zero or at lower tariff rates.
The Industrial Development Bureau estimates that Taiwanese textile companies could lose around US$ 60 million in business to Korean competitors due to South Korea-US FTA.
A recent document released by TAITRA said it will set up business centres in Mexico City and Istanbul, and also organize seminars and business trips to the two countries to boost trade ties.
The document said Mexico and Turkey enjoy zero tariffs on exports to the US and the EU respectively, and Taiwan prefers to export its goods first to these countries and then re-route them to the US and the EU.
Taiwanese products can benefit from the duty-free entry from Turkey to Europe and from Mexico to the US, Mr. Simon Wang, executive director of TAITRA's Market Development Department, told CNA.
TAITRA said besides Mexico and Turkey, Taiwan will continue to focus on emerging markets as they are expected to drive the global economy in 2013.

Fibre2fashion News Desk - India

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