Premier hopes to sign ECFA with Beijing soon

During a tour of the 2010 Taipei International Plastics & Rubber Industry Show in Taipei, Wu said that the government hopes to achieve three goals with the signing the ECFA — tariff concessions, intellectual property rights protection and protection of the investment rights of Taiwan businessmen in China.

The machinery industry and some other sectors in Taiwan would like to see the ECFA signed as soon as possible, he said.

If South Korea and China sign a free trade agreement, South Korean machinery exporters to China will enjoy tariff-free treatment, while Taiwan businesses will be have to pay 17.5 percent tariff on machinery, Wu said, citing the concerns of machinery businessmen in Taiwan.

He conceded that some industries will face stiffer competition after the agreement is signed, but gave the assurance that the government will offer them assistance.

“However, if Taiwan does not sign the ECFA, more industries may face difficulties,” he said.

“The government will safeguard Taiwan's best interests and minimize the ECFA impact,” Wu said while expressing the hope that the pact could be signed as soon as possible.

According to Wu, both sides will have to negotiate on their “early harvest” lists.

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