Taiwan and China lowered import tariffs on more than 800 products yesterday under the Economic Cooperation Framework Agreement (ECFA).
China cut duties on 557 items imported from Taiwan including fish and bicycles, an increase from 539 when the ECFA was signed in June, China’s Ministry of Commerce said in a statement on its Web site on Wednesday. Taiwan will lower tariffs on 267 items such as tea and cement from China as part of the “early harvest” list.
The “early harvest” list includes items that will enjoy preferential tariffs first under the EFCA, a treaty that also includes the opening of industries.
Cross-strait tensions have eased since President Ma Ying-jeou (馬英九) took office in May 2008 and dropped the pro-independence stance of his predecessor, making economic relations with China the government’s priority. Taiwan has signed 15 deals with China since 2008, most recently an agreement on medical and healthcare cooperation last month.
“Taiwan’s economic growth is very likely to overshoot in 2011 because of the agreement with China,” Aidan Wang (王誠宏), an economist at Yuanta Securities Investment Consulting Co (元大投顧), said by telephone on Friday. “More significantly, Chinese tourists and capital will contribute to Taiwan’s domestic demand and help the nation to be less export dependent.”
The nation’s benchmark TAIEX has climbed 21 percent since the ECFA was signed and it closed at a two-and-a-half-year high on Friday.
China also opened markets in six service industries yesterday, including banking, securities, insurance, hospital services, design services and civil aircraft repairs, China’s Ministry of Commerce said on Wednesday.
The seventh cross-strait talks this year will continue to discuss an investment protection accord, Zheng Lizhong (鄭立中), vice chairman of China’s Association for Relations Across the Taiwan Strait, told reporters in Taipei last month.
CAUTION URGED: Strong winds and heavy rain are forecast throughout the nation, even though the CWB was not sure whether the eye would make landfall in Taiwan The Central Weather Bureau (CWB) yesterday issued a land warning for Typhoon Chanthu, as it continued to gain power while approaching Taiwan from the southeast. As of 8pm last night, Chanthu was about 410km southeast of Pingtung County’s Oluanpi (鵝鑾鼻), the southernmost point of Taiwan proper, moving northwest at 15kph toward the Bashi Channel. The typhoon had maximum sustained winds of 209kph, with gusts of up to 263kph, bureau data showed. Chanthu, which is likely to come closest to the nation over the weekend, could pose a threat throughout Taiwan proper, but particularly in Taitung and Pingtung, the bureau said. Strong winds and heavy
CLOSED FOR DISINFECTION: Two of the three local cases were linked to a cluster infection at a kindergarten, while the other case works at a McDonald’s restaurant The Central Epidemic Command Center (CECC) yesterday reported three new local COVID-19 infections and 11 imported cases, but no deaths. The local cases are two men and a woman aged between 20 and 80 who reside in Taipei, New Taipei City and Taoyuan, the CECC said in a news release. Two of them are linked to a cluster infection at a kindergarten in New Taipei City’s Banciao District (板橋), said Centers for Disease Control Deputy Director-General Chuang Jen-hsiang (莊人祥), who is the CECC’s spokesman. He said they are both associated with the mother of a kindergarten student, who was earlier confirmed to have
BIOLOGICAL AGENT: A containment exercise was held in southern Tainan, in response to a mock assault where troops were assumed to be attacked by bioweapons The live-fire component of this year’s annual Han Kuang military exercises, Taiwan’s major war games involving all military branches, began yesterday morning and is to run until Friday to test the armed forces’ capability to fend off a Chinese invasion. The 37th edition of the annual event officially began after the Ministry of National Defense’s Joint Operations Command Center, also known as the Hengshan Command Center, announced the initiation of the five-day live-fire drills. Yesterday’s drills were focused on testing the military’s preservation and maintenance of combat capabilities in the event of a full-scale Chinese invasion. As part of the drills, air force
‘RAISING TAIWAN’S VISIBILITY’: Premier Su Tseng-chang said changing TECRO’s name to include ‘Taiwan’ would make the representative office more recognizable The Ministry of Foreign Affairs yesterday declined comment on a Financial Times report that the name of Taiwan’s representative office in Washington might be changed, saying only that bolstering and upgrading ties with the US has been the government’s long-term objective. The ministry made the comments after the UK-based newspaper reported on that US President Joe Biden’s administration is considering allowing the government to use the word “Taiwan” in the office’s title. The US is “seriously considering a request from Taiwan to change the name of its mission in the US capital from ‘Taipei Economic and Cultural Representative Office’ [TECRO] to ‘Taiwan