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Taiwan lobbying for FTA with EU
28
May '11
Taiwanese Vice Economics Minister Liang Kuo-hsin would pay a visit to the EU headquarters in June this year to lobby for inking of an economic cooperation agreement (ECA) with the EU, in the midst of a free trade agreement (FTA) between Korea and the European Union, which is to take effect from July 1 onwards.

According to the Taiwanese Ministry of Economic Affairs (MOEA), the FTA between Korea and the EU would most badly hit the textile and machinery equipment industries of Taiwan.

The MOEA stated that that there is high resemblance between Korea and Taiwan's exports to the EU.

Hence, the FTA would spark off a shift in trade and investment, allowing Korea to secure orders from the EU at a lesser price. It would persuade the EU firms to raise their investment in Korea, at the cost of Taiwan's interest.

To reduce the impact of EU-Korea FTA, the MOEA this year sent several delegations to Belgium, Germany, UK, France, Italy, Denmark and Holland. Due to effective lobbying by these delegations for the ECA between Taiwan and the EU, the European Parliament on May 11 passed a resolution favouring the ECA.

Besides the EU, the MOEA is also lobbying for inking ECA with Japan, US and Singapore. Of these, the discussions with Singapore are at a final stage and an ECA between the two countries is expected to be signed within a year.

Fibre2fashion News Desk - India

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