The proposed trade deals between Taiwan and China will affect the South Korean petrochemicals industry, according to industry traders.
The economic cooperation framework agreement (ECFA), which is expected to be signed in 2010 will benefit Taiwan with non-tariff or lower-tariff shipment of their petrochemicals, according to DPA News Agency.
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Following the deal, an average of 6.17% tariff, which China currently imposes on petrochemicals, will be waived for imports from Taiwan, a Korea Traders’ Association report said.
Korea and Japan currently account for 38% of China’s petrochemical market.
