The Taiwan-South Korea Economic Consultation concluded July 3 in Seoul, paving the way for stronger business ties between two of Asia’s most competitive economies, according to the ROC Ministry of Economic Affairs July 5.
Led by Chang Chun-fu, director-general of the MOEA Bureau of Foreign Trade, the Taiwan delegation comprised representatives from the BOFT, MOEA Office of Trade Negotiations and the Ministry of Transportation and Communications.
The South Korean group included senior members from its Ministry for Food, Agriculture, Forestry and Fisheries, Ministry of Foreign Affairs and Trade, Ministry of Knowledge Economy and Ministry of Land, Transport and Maritime Affairs.
During the one-day event, officials discussed a variety of issues aimed at promoting bilateral exchanges, investment and trade. These included establishing pesticide residue standards for agricultural exports, sharing information in competition regulations and promoting cooperation in customs clearance, logistics safety, pharmaceutical management and tourism.
“The two sides also touched upon the possibility of initiating a feasibility study on a bilateral economic cooperation agreement,” Chang said, adding that as yet, no consensus has been reached.
Ministry of Finance data indicates that trade between Taiwan and South Korea for the first five months of 2012 decreased 14.96 percent year-on-year to US$11.43 billion. South Korea is Taiwan’s fourth largest export target and source of imports.
Commencing in 2007, the consultation is the most important platform for Taiwan-South Korea business and trade talks. The next meeting is scheduled to take place in Taipei City.