Taiwan Hosiery Manufacturers’Association has urged the Government to enter into free trade agreements (FTAs) with the country’s traditional trading partners, particularly the United States, as quickly as possible.

Mr. Wei Ping-chi, Chairman of the Association, said the taking into effect of South Korea’s FTAs with the European Union and the US has negatively impacted the Taiwanese hosiery industry.

He requested the Government to analyze the impact of the FTAs, which either decrease or completely remove duties on South Korean goods imported by the US or the European nations, as South Korea is Taiwan’s largest trade competitor in global markets.

As per the latest data, Taiwan’s knitted and hosiery product exports were worth US$ 9 million in January 2012. Of this, a majority of US$ 6 million worth of exports were destined to the US, while another US$ 1 million worth of exports were to the European countries.

The South Korea-US FTA took effect on March 15, 2012, while a similar agreement between South Korea and the EU became effective last year.