An alliance between Taiwan and the European Union is likely to aid the textile mills from both sides to jointly enter the Chinese market. A memorandum of understanding (MOU) has been signed recently by the Taiwan Textile Federation (TTF) and the European Apparel and Textile Federation (Euratex).
The TTF has recognized the Taiwanese textile mills' potential for innovation and has endorsed the decision of Euratex to move ahead with the MOU to the Economic Cooperation Framework Agreement (ECFA) and the Intellectual Property Right Protection and Cooperation Agreement signed on June 29 between mainland China and Taiwan.
With the implementation of ECFA, 136 Taiwanese textile products will come under the tariff-free category from early next year, when exported to mainland China. This is expected to benefit the domestic textile mills at the international front.
The alliance with Euratex indicates a huge step taken by the members of TTF towards expansion in the international market. EU has emerged as the world's biggest textile and garment market with a projected yield of 200 billion euros (US $281.85 billion) and a market value of 500 billion euros every year.
During the past few years, the TTF has signed several agreements with Vietnam, South Korea, Indonesia, mainland China, Bangladesh and India to support the domestic textile mills to enter into strategic agreements with overseas partners.
Euratex is the only industrial association which includes textile and garment manufacturing units in the European Union. Countries like Turkey, Serbia, Russia, Morocco, Egypt and Croatia are also members of Euratex. The recently signed alliance between Euratex and TTF is the first of its kind in Asia.
Fibre2fashion News Desk-India
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