The Taiwan External Trade Development Council (TAITRA, 外貿協會) is to hold a US trade fair on Thursday as part of its efforts to help local companies tide over the impact of a free-trade agreement (FTA) between the US and South Korea, the council said yesterday.
A total of 27 US companies from fields such as pharmacy, electronics, auto parts, food and textiles have been invited, and more than 300 local firms have registered to attend the event, said the council, Taiwan’s main trade-promotion body. The day-long event will serve as a good opportunity for Taiwan to secure procurement orders from major US companies, the council said in a statement.
Local suppliers can take advantage of the fair to forge partnerships with US firms to expand their presence in the US and ease the impact of the US-South Korea FTA, which took effect on March 15, TAITRA said.
The Ministry of Economic Affairs said that the US-South Korea FTA could result in an loss of 30 percent of Taiwan’s trade with the US, with domestic industries such as plastics, textiles and machinery suffering the most.
The US was Taiwan’s third-largest trade partner in 2010. Last year, Taiwan’s exports to the US totaled US$36.36 billion, while imports from the country amounted to US$25.75 billion, according to government statistics.