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.
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old