Taiwan textile bodies urge govt to sign TIFA with US

29 Mar '12

1 min read

The Taiwan Textile Federation (TTF) and six other domestic textile-related associations have jointly urged the Taiwanese Government to urgently ink a Trade and Investment Framework Agreement (TIFA) with the US, so as to mitigate the effect that implementation of a free trade agreement (FTA) between the US and South Korea would have on Taiwan's textile exports to the US.

TTF stated that each year around 20 percent of Taiwan's overall yarn output and 60 percent of its fabric output are exported to the US, and these exports would be severely impacted by South Korea-US FTA (KORUS FTA), as it would boost South Korea's competitiveness.

In 2011, Taiwan exported textiles worth NT$ 500.8 billion or US$ 16.69 billion, which included fabric and yarn exports worth NT$ 475.5 billion or US$ 15.85 billion and garment exports worth NT$ 25.3 billion or US$ 843.33 million.

TIFA provides strategic framework and principles for dialogue on trade and investment issues between the US and the other parties to the TIFA.

TIFA agreements serve as a forum for the United States and other Governments to meet and discuss issues of mutual interest with the objective of improving cooperation and enhancing opportunities for trade and investment.

Fibre2fashion News Desk - India

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