ROK, Taiwan Move to Normalize Economic Relations at Private Level

Article excerpt

Speeding up their efforts to strengthen bilateral economic ties at the private level, Korea and Taiwan held a meeting yesterday with leading economic organizations for the first time since the two nations severed diplomatic ties in August, 1992 .

The participants, headed by Korea Trade-Investment Promotion Agency (KOTRA) president Hwang Doo-yun and China External Trade Development Council (CETRA) head Ricky Kao, agreed to set up the tentatively named ``Korea-Taiwan Private

Economic Cooperation Committee'' within this year, with the aim of resuming the cooperative channel among the private economic organizations.

They also agreed to take joint steps to contend with growing trade pressures

from industrial economies and to operate cooperative bodies between major industrial divisions.

"Leading economic institutes from the two countries will expedite efforts to

promote information exchange and assist relevant enterprises to take part in various exhibitions,'' said a KOTRA official.

Some 20 officials took part in the meeting on the Korean side, which represent d 11 economic organizations, like the Federation of Korean Industries, Korea International Trade Association (KITA), Korea Steel Industry Association, Korea Textile Industry Association and Korea Semiconductor Industry Association etc.

The Taiwanese side was represented by various industrial sectors including trading, electronics, steel, textile, information and semiconductors.

They included the Chinese National Association of Industry and Commerce, Taiwan Electrical & Electronics Manufacturers Association, Taiwan Association of Machinery Industry and Taiwan Textile Federation. …