TAIPEI NEWS: The market fears that the US-South Korea Free Trade Agreement (FTA) coming into force next year will have an impact on Taiwan’s economy. Taiwan’s Minister of Economic Affairs Shi Yanxiang stated on the 14th that Taiwan’s electronic products exported to the United States were originally 60% duty-free, and traditional industries and South Korea’s In the market, it is also separated, so it should not affect the economic growth rate to 1 percentage point; Taiwan's "Ministry of Economic Affairs," Liang Guoxin estimates that the total amount of Taiwan products exported to the US, may only have about 3.3 billion US dollars.
Shi Yanxiang admits at the Taiwan "Legislative Yuan" on the 14th that he will certainly have an impact, only a matter of degree. Shi Yanxiang said that the most competitive items in Taiwan and South Korea are communications and electronic products, while Taiwan’s electronic products exported to the United States have 60% duty-free. As for textiles, plastics, and mechanical products, they also have a presence on the market with South Korea. Certainly separated, it affects Taiwan's economic growth rate below 1 percentage point.
In this way, about one-third of the remaining taxable items, about a third, will be more affected. From this point of view, it is almost $3.3 billion.
Yang Jiayan, director of the sixth institute of the Taiwan Economic Research Institute, said that in the future, after the US-South Korean FTAs ​​are on the road, besides paying attention to the short-term impact on some industries, they must also pay attention to the issue of the competitiveness of mid-long-term Taiwan and South Korea. He suggested that Taiwanese companies should strengthen industrial upgrading, product innovation, internationalization and new market development in order to maintain a balance of competition with South Korea, and the authorities must continue to provide relevant assistance.
Shi Yanxiang admits at the Taiwan "Legislative Yuan" on the 14th that he will certainly have an impact, only a matter of degree. Shi Yanxiang said that the most competitive items in Taiwan and South Korea are communications and electronic products, while Taiwan’s electronic products exported to the United States have 60% duty-free. As for textiles, plastics, and mechanical products, they also have a presence on the market with South Korea. Certainly separated, it affects Taiwan's economic growth rate below 1 percentage point.
In this way, about one-third of the remaining taxable items, about a third, will be more affected. From this point of view, it is almost $3.3 billion.
Yang Jiayan, director of the sixth institute of the Taiwan Economic Research Institute, said that in the future, after the US-South Korean FTAs ​​are on the road, besides paying attention to the short-term impact on some industries, they must also pay attention to the issue of the competitiveness of mid-long-term Taiwan and South Korea. He suggested that Taiwanese companies should strengthen industrial upgrading, product innovation, internationalization and new market development in order to maintain a balance of competition with South Korea, and the authorities must continue to provide relevant assistance.
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