The Ministry of Economic Affairs (MOEA) has completed a tentative “early harvest” list that would be included in the cross-strait economic cooperation framework agreement (ECFA) and is ready to negotiate the details with China.
The list will only be made public after it is finalized through negotiations between the two sides, Bureau of Foreign Trade Director-General Huang Chih-peng (黃志鵬) said.
Although Huang declined to disclose the goods and services included on the list, he commented on the principles that guided the selection of the targeted items.
In the service sector, the MOEA has targeted areas that China agreed to open when gaining accession to the WTO but which remain inaccessible to Taiwan, Huang said.
Others targeted were services for which China has granted preferential tariffs to other countries, and those that are favorable to Taiwan, Huang said.
An ECFA impact assessment report released recently by the MOEA said the government could request that China open its market to financial, computer-related, research and development, logistics, civil aircraft maintenance and freight forwarding services from Taiwan.
In terms of products, Taiwan expects China to open its market to export items that are favorable to Taiwan but subject to high Chinese tariffs, Huang said.
Others are those for which China has granted preferential duties to its free-trade agreement partners, and sensitive goods that Taiwan hopes can be opened up flexibly, he said.
Meanwhile, the bureau said on Tuesday that the nation’s trade surplus was likely to reach a record US$30 billion this year, as imports were expected to have plunged at an even faster rate than exports.
Exports, which fell nearly 32 percent in the first eight months of the year, are likely to be down by a more modest 15 percent to 20 percent for the full year, the bureau estimated.
Imports dropped nearly 40 percent in the first eight months and are forecast to fall by about 24 percent for the year as a whole, the bureau said.
“This year’s record trade surplus will make a palpable contribution to economic growth,” the bureau said in a statement.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign