Taiwan trying to catch South Korea's exports
Up to 36.11 percent of South Korea's total trade is covered by current FTAs, compared with 9.65 percent of Taiwan's exports, said Chen Pei-li, a section chief in the Ministry of Economic Affairs' (MOEA's) Industry Development Bureau, citing MOEA statistics for January to September 2013.
If South Korea, one of Taiwan's main competitors, succeeds in signing the trade deals it is now negotiating, its FTA coverage will jump to 80.97 percent of its trade, said Mr. Chen, adding that South Korea had stepped up its FTA efforts in recent years.
South Korea has FTAs with major economies like the European Union, the United States, Canada and Australia, Mr. Chen noted at a seminar on trade-in-goods and trade-in-services agreements between Taiwan and China.
Overall, nearly 90 percent of Taiwan's exports overlap with South Korea's but for every $100 worth of South Korean exports, $80 will gain preferential tariff treatment in the future, Mr. Chen said. This will make South Korea's exports more competitive than Taiwan's, he added. ■