The Ministry of Economic Affairs (MOEA) has finalized its early harvest list for the proposed economic cooperation framework agreement (ECFA) with China.
Petrochemicals, textiles, automobiles and components, panels and machinery are the five major industries on the list, with the total number of items not exceeding 500.
Sixteen of the so-called “sensitive industries” would either not be included on the list or Taiwan would negotiate with Beijing to not reduce their import tariffs for the next 10 years, the ministry said.
Chinese herbal medicine, agricultural medicine, printing and wooden goods are four industries added to the list of 12 “sensitive industries” that would be hit hard if similar products were imported from China in massive volumes with low or zero tariffs. The cheaper prices would threaten these industries, which include home electronics, swimwear, garments, furniture, towels and shoes, the ministry said on Wednesday.
Whether the import tariff level would continue after 10 years would be assessed at a later time, the ministry said.
Meanwhile, the ministry also announced a budget of NT$95 billion (US$2.9 billion) over the next 10 years to be used to assist industries that would need to transform, risk reduced competitiveness or close as a result of an ECFA.
The ministry said the pact would help boost Taiwanese exports to China and bring more tax revenues to the nation, benefiting companies and the public as a whole.
An ECFA is included in the discussion topics for the fourth round of cross-strait high-level talks to be held in Taichung on Dec. 22.
Formal negotiations on an ECFA are scheduled to begin next month and the inking of the agreement is expected in the fifth round of cross-strait talks next year.
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