Taiwan, as a key player in the global economy, should not ignore the worldwide trend of economic integration, Vice Minister of Economic Affairs Cho Shih-chao (卓士昭) said.
Both the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP) are important to Taiwan and will play a crucial role in the nation’s economic development, Cho said in his opening remarks at an international forum on the service industry in Taipei on Friday.
The output of the nation’s service industry could fall by US$1.9 billion if the nation fails to join the TPP, but could increase by US$8.58 billion if it becomes part of the economic bloc, he said.
Although services account for 70 percent of Taiwan’s GDP, they make up only 1 percent of the global market, Cho said.
“There is plenty of space for Taiwan to develop,” he added.
Taiwan should open up its services market more, which could help upgrade its industries, increase output and create jobs, Cho said.
Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) president Wu Chung-shu (吳中書) said that the nation should speed up its efforts to participate in regional economic integration.
“Lacking natural resources, Taiwan can only develop and extend its reach overseas in a more active and positive way,” he said at the forum.
“No matter which regional economic bloc Taiwan aims to join, the nation will have to deal with China,” Wu said, alluding to the recent protests against the cross-strait service trade agreement.
He said China, now the world’s second-largest economy, is expected to become the biggest by 2025 and plays a significant role in the global market.
The nation should find a way to cooperate with China instead of turning its back, he said.
“The service sector is people-oriented, so Taiwanese, who are known for their amicability, should have great faith in themselves,” Wu said.
The government can use cross-strait agreements as “training” in preparation for possible participation in the TPP and the RCEP, he said.
The Taipei Department of Health yesterday said it has launched a probe into a restaurant at Far Eastern Sogo Xinyi A13 Department Store after a customer died of suspected food poisoning. A preliminary investigation on Sunday found missing employee health status reports and unsanitary kitchen utensils at Polam Kopitiam (寶林茶室) in the department store’s basement food court, the department said. No direct relationship between the food poisoning death and the restaurant was established, as no food from the day of the incident was available for testing and no other customers had reported health complaints, it said, adding that the investigation is ongoing. Later
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