ECFA will benefit Taiwan, China: joint report

However, the report did not provide any figures to specify how big an impact the ECFA would have on the two economies or to what extent it would affect various industries.

The report, which was researched jointly by institutions on both sides of the Taiwan Strait, suggested that Taiwan and China start negotiations on the ECFA as soon as possible, tackling the easier aspects first and taking a gradual and orderly approach.

One of the first matters that should be negotiated is the early harvest program, the report stated.

Taiwan's Ministry of Economic Affairs has listed close to 500 items on its “early harvest” list for negotiations with China. Some of the sectors considered most likely to be affected by the opening of Taiwan's markets to Chinese competition are on the list. They include the automobile, petrochemical, machine tool and textile industries.

With some industries likely to face competition from imports, the two sides should adopt a phased and flexible approach to opening their markets and setting up trade rules, according to the report, which was researched by Taiwan's Chung-Hua Institution for Economic Research and China's Chinese Academy of International Trade and Economic Cooperation, University of International Business and Economics and Nankai University.

Taiwan and China could begin negotiations on the ECFA as early as next week, with vice ministerial-level officials from both sides likely to be involved in the first round of ECFA talks,a high-ranking official of the Cabinet-level Mainland Affairs Council said Saturday.

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