Taiwan’s top trade promoter yesterday said it will hold a trade expo to help expand trade with the EU in light of the fierce competition resulting from South Korea’s free-trade agreement with the 27-nation bloc.
The expo will be held at the Taipei International Convention Center on Wednesday.
The market share of Taiwan’s chemical, plastics and textile industries in the EU has been squeezed by competition from South Korea since the EU-South Korea free-trade agreement came into effect in July last year, the Taiwan External Trade Development Council said.
In the first nine months of this year, Taiwan’s exports to the EU dropped by 10 percent year-on-year, the council added.
To help Taiwanese businesses regain market share in the EU, the council said it has invited about 79 buyers and seven sellers from the EU to meet with Taiwanese representatives at the expo.
Of the 79 EU buyers, 23 have an average annual revenue of more than US$100 million, the council said.
The EU is currently Taiwan’s fourth-largest trading partner, after China, Japan and the US.
Taiwan’s trade with the EU rose by 8.1 percent last year to top US$52.5 billion, accounting for about 8.9 percent of Taiwan’s total trade, the council said.