The United States and Taiwan yesterday signed the previously announced orderly marketing agreement limiting Taiwan shoe exports to the American market to 122 million pairs for the year beginning June 28.

The White House said a similar pact negotiated with South Korea, which limits their exports here to 33 million pairs a year, should be signed next week.

The agreements were designed to ease the flow of inexpensive footwear imports to the U.S. and free a portion of that market for American manufacturers.

President Carter faced a June 28 deadline to effect import pacts with the two nations which would head off a controversial tariff and quota proposal approved by the U.S. International Trade Commission (ITC).

The ITC proposal would have applied to all shoe imports, but the President rejected it because he said only Taiwanese and Korean imports endanger domestic manufacturers.

Congress could still override the two pacts in favor of the ITC proposals.

Both agreements are to remain in effect for four years, with the quota for each nation rising annually. The pairs a year to 131 million pairs in the final year.

Footwear imports from Taiwan and South Korea to the U.S. totalled 197 million pairs in 1976, or more than half of all shoe imports.

Robert S. Strauss, said the pact "represents a temporary trade restriction which the President has said he is very reluctant to take. These agreements are not the ideal long-term solutions to our trade problems."

But, Strauss said, it was "a useful, effective, and acceptable way" to give a domestic industry a chance to adjust to "severe, sudden, short-term market disruptions, and to become more competitive."

"It comes to grips with an imediate economic problem, which if allowed to continue to fester, could cause injury to our workers and industry to reach such proportions as to fuel the fever of protectionism" Strauss said. "We have just administered an emergency anti-protectionist prescription."