Fri, Jul 09, 2010 - Page 12 News List

ECFA to lift GDP by 0.4 points: minister

STAFF WRITER, WITH CNA

The newly forged cross-strait Economic Cooperation Framework Agreement (ECFA) could increase the nation’s GDP by 0.4 percentage points, Minister of Economic Affairs Shih Yen-shiang (施顏祥) said yesterday.

Under the tariff concession agreement, an “early harvest” list will allow 539 kinds of Taiwanese exports worth about US$13.8 billion to enter China tariff-free within two years after the pact comes into force.

The deal is expected to lift the nation’s GDP by 0.4 percentage points, or roughly NT$55 billion (US$1.71 billion), Shih said after a weekly Cabinet meeting.

The tariff concession program could help boost the nation’s overall production value by 0.86 percent, or about NT$190 billion, Shih said.

As half of the 539 items are sensitive traditional industries, small and medium enterprises, and agricultural and fishery products, the ECFA could help local producers expand sales to China, generate new trade opportunities, and upgrade their industrial or production structure, Shih said.

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