border collaboration between Taiwan and the EU is expected to assist textile firms from both sides to make joint inroads into the vast mainland Chinese market. The Taiwan Textile Federation and the European Apparel and Textile Federation (Euratex) signed a memorandum of understanding Wednesday. One year in the making, the deal was concluded by TTF president Wang Wen-yuan and Euratex president Peter Pfneisl during a dinner banquet at the Taipei Innovative Textile Application Show. In addition to Taiwanese textile firms' innovative capabilities, the TTF attributed Euratex's decision to go ahead with the MOU to the cross-strait Economic Cooperation Framework Agreement and the Intellectual Property Right Protection and Cooperation Agreement signed June 29. “With the ECFA in force, a total of 136 textile products from Taiwan will enjoy tariff-free status when exported to mainland China from the beginning of next year. This will give our firms a distinctive advantage on the global front,” Wang pointed out. The tie-up with Euratex represents a giant step forward in its efforts to expand the global market for its member firms, the TTF said. The business association's statistics reveal that the EU is the world's largest textile and apparel market, with an estimated output of 200 billion euros (US$281.85 billion) and market value of 500 billion euros per year. Over the years, the TTF has signed similar deals with its counterparts in Bangladesh, India, Indonesia, mainland China, South Korea and Vietnam to assist local firms in forming strategic alliances with foreign partners. Based in Brussels, Euratex is the only industry association representing textile and apparel firms in the EU. Its members also come from Croatia, Egypt, Morocco, Russia, Serbia and Turkey. The pact is the first of its kind Euratex has signed in Asia. In related news, the three-day 2010 TITAS kicked off Wednesday. This year's event features 556 booths set up by 285 firms from 13 countries. The event's organizer TTF has also arranged 650 one-on-one sessions to create business opportunities for participating firms.
