Updated Sunday, July 5, 2009 10:11 am TWN, CNA

Cross-strait trade pact to be signed late this year or in 2010

TAIPEI, Taiwan -- Taiwan and China are likely to sign an economic cooperation framework agreement (ECFA) late this year or early next year, according to Minister of Economic Affairs Yiin Chii-ming. Addressing an annual conference of the General Chamber of Commerce of the Republic of China Friday, Yiin said that prospects for striking a framework trade pact with China have grown increasingly bright as more people get a better understanding of the essence of the agreement.

In his view, Yiin said the essence of the proposed framework accord lies in liberalizing merchandise trade, investment and the service sector. “These three features are like the three egg yolks of the proposed ECFA pact with China,” Yiin explained, adding that Taiwan will offer duty-free imports of raw materials from China while hoping China will allow its service companies to set up footholds in the vast Chinese market. He added that the ECFA agreement will facilitate the innovation of traditional industries and the development of new commercial know-how and technology.

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