Taipei, Oct. 21 (CNA) Taiwan's top trade promoter said Sunday it will hold a trade expo to help expand trade with the European Union in light of the fierce competition resulting from South Korea's free trade agreement with the 27-nation bloc.
The expo is slated to take place at the Taipei International Convention Center on Oct. 24.
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 FTA came into effect in July last year, Taiwan External Trade Development Council (TAITRA) said.
In the first nine months of this year, Taiwan's exports to the EU dropped by 10 percent year-on-year, TAITRA said.
In an effort to help Taiwanese businesses regain market share in the EU, the council said, it will invite some 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 over US$100 million, TAITRA said.
The EU is currently Taiwan's fourth largest trading partner, after China, Japan, and the United States.
Taiwan's bilateral trade with the EU rose by an annual 8.1 percent last year to over US$52.5 billion, accounting for about 8.9% of Taiwan's total external trade, according to TAITRA.
(By Lin Meng-ju and Ann Chen)