Planned trade pact with China to benefit only fraction of oil products requested by Taiwanese oil industry

18-Jun-10
Only a fraction of oil products requested by the Taiwanese oil industry will benefit from the planned wide-ranging trade pact with China. Hence Formosa Petrochemical Corp. is concerned about rising competition from Asean countries for oil products exports to China. Competition is to increase from oil products exports from Singapore and Thailand into China, on removal of import tariffs by China on oil products from Asean countries in H1-2010. Taiwan and China are set to sign an extensive trade agreement in next few weeks covering trade, investment, services and a list of industrial items, including oil products, that will be the first benefit from lower or zero tariffs. China has agreed to lower/remove tariffs on around 500 Taiwanese items, and Taiwan has decided to lower/remove tariffs on more than 200 items from China.
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