An academic yesterday described a controversial proposed economic cooperation framework agreement (ECFA) between Taiwan and China as a buffer that would protect industries vulnerable in an open market and said Taiwan’s only choice was to fully open its markets.
Facing economic integration among countries in the region, Taiwan has only one way out and that is to fully open its markets and seek liberalization, Thomas Lee (李桐豪), a professor of finance at National Chengchi University (NCCU), told a conference in Taipei weighing the pros and cons of signing an ECFA.
Lee, a former People First Party legislator, said that since 1620, trade has played a vital role in Taiwan’s development and that an ECFA was vital to ensure the survival of Taiwanese.
The most important trade activities in Asia over the past decade, he said, were the signing of free-trade agreements (FTA).
WTO statistics show that 276 agreements related to free trade have been finalized globally, he said, adding that 33 more are either under negotiation or have been announced.
Asian Development Bank statistics show there are 192 FTAs in Asia, he said.
“Unfortunately, Taiwan is not involved in any of them,” he said, adding that this contributed to the threat of marginalization.
The only problem involving an ECFA is whether the government can protect industries that would be harmed when the country’s market is opened to foreign competitors, he said.
“The government must enhance its ability to handle the consequences of signing an ECFA, such as unemployment and a widening gap between rich and poor,” he said.
Hsu Chung-hsin (�?H), a law professor at NCCU, said that according to WTO rules, 10 years after signing an ECFA, Taiwan would be forced to expand free trade with China to cover between 90 percent and 95 percent of trade in goods and services.
“The government has been saying it will not further open the country to Chinese agricultural products, but all 271 free-trade agreements and regional trade agreements registered at the WTO include agricultural products,” Hsu said.
Hsu said the government would be unable to turn the country into a financial hub in the Asia Pacific region unless it signed free-trade agreements with the EU, the US, and Japan in addition to an ECFA with China.
ADDITIONAL REPORTING BY CNA
Snow fell in the mountainous areas of northern, central and eastern Taiwan in the early hours of yesterday, as cold air currents moved south. In the northern municipality of Taoyuan, snow started falling at about 6am in Fusing District (復興), district head Su Tso-hsi (蘇佐璽) said. By 10am, Lalashan National Forest Recreation Area, as well as Hualing (華陵), Sanguang (三光) and Gaoyi (高義) boroughs had seen snowfall, Su said. In central Taiwan, Shei-Pa National Park in Miaoli County and Hehuanshan National Forest Recreation Area in Nantou County saw snowfall of 5cm and 6cm respectively, by 10am, staff at the parks said. It began snowing
Global bodies should stop excluding Taiwan for political reasons, President William Lai (賴清德) told Pope Francis in a letter, adding that he agrees war has no winners. The Vatican is one of only 12 countries to retain formal diplomatic ties with Taiwan, and Taipei has watched with concern efforts by Beijing and the Holy See to improve ties. In October, the Vatican and China extended an accord on the appointment of Catholic bishops in China for four years, pointing to a new level of trust between the two parties. Lai, writing to the pope in response to the pontiff’s message on Jan. 1’s
HOLIDAY EXERCISE: National forest recreation areas from north to south offer travelers a wide choice of sights to connect with nature and enjoy its benefits Hiking is a good way to improve one’s health, the Forestry and Nature Conservation Agency said, as it released a list of national forest recreation areas that travelers can visit during the Lunar New Year holiday. Taking a green shower of phytoncides in the woods could boost one’s immunity system and metabolism, agency Director-General Lin Hwa-ching (林華慶) cited a Japanese study as saying. For people visiting northern Taiwan, Lin recommended the Dongyanshan National Forest Recreation Area in Taoyuan’s Fusing District (復興). Once an important plantation in the north, Dongyanshan (東眼山) has a number of historic monuments, he said. The area is broadly covered by
A Vietnamese migrant worker on Thursday won the NT$12 million (US$383,590) jackpot on a scratch-off lottery ticket she bought from a lottery shop in Changhua County’s Puyan Township (埔鹽), Taiwan Lottery Co said yesterday. The lottery winner, who is in her 30s and married, said she would continue to work in Taiwan and send her winnings to her family in Vietnam to improve their life. More Taiwanese and migrant workers have flocked to the lottery shop on Sec 2 of Jhangshuei Road (彰水路) to share in the luck. The shop owner, surnamed Chen (陳), said that his shop has been open for just
RSS