Mainland Korea First Signed FTA Taiwan Machinery Industry Hit 5 Billion 500 Million

Negotiations on trade agreements between the two sides of the Straits are about to take place. Xu Xiucang, chairman of the Taiwan Machinery Association, 4, said that the mainland's Korea Free Trade Agreement (FTA) will be faced with a serious impact at the end of this year. Taiwan's machinery industry will face a serious impact. The estimated impact amount will be about $5 billion 500 million, equivalent to 165 billion yuan in the new Taiwan dollar.

Xu Xiucang does not deny that because the Korean machinery and machine tool products are very similar to Taiwan's homogeneity, Taiwan's machinery and machine tool products will face a serious and comprehensive impact in the future.

At present, Taiwan

The annual export amount to the mainland is about US $6 billion 300 million, of which the export amount of tool and machine is about US $1 billion 200 million.

Xu Xiucang stressed that the machinery industry is the most able to stay in Taiwan's industry, and to provide a large number of employment opportunities, but if it is affected by Lu Han FTA to Taiwan

The impact may be forced to move out to mainland or ASEAN countries. This is not the blessing of Taiwan.

Taiwan media reported that the two meetings of the Hai Chi and ARATS have been finalized and the ninth negotiations on trade in goods between the two sides of the Strait will be held near Taipei in from September 10th to 12th.

Lin Shengzhong, chairman of CNPC, attended the general meeting of the Petroleum Society 4, and delivered a speech on "trade in clothing, trade and petrochemical industry". He said that the two sides could sign the goods trade agreement as soon as possible, and strive for zero tariffs or tax reductions on five major uses of plastic and four chemical fiber raw materials, so as to compete with Japanese and Korean products.

The Ministry of Economic Affairs recently assessed that if the mainland and South Korea signed the FTA at the end of the year, the industry's impact on Taiwan will be threatened by nearly 1/4 of the industrial products on the island. The impact will cover iron and steel, machine tools, automobiles, panels, petrochemical and textile industries. When Taiwan exports to the land products, 2% to 5% of the export value will be handed over to the Korean businessmen, and roughly estimated that Taiwan will be affected by about 32 to 8 billion 400 million dollars.