The pact is crucial for furthering the development of Taiwan’s services industry and facilitating the trade in goods agreement between Beijing and Taipei, the MAC said.
Its progress reflects Taiwan’s determination to sign economic cooperation agreements with other countries, as well as accession to regional trade blocs including the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, the MAC said.
Review of the trade in services pact in the Legislature was expedited March 17 when Chang Ching-chung, ruling Kuomintang lawmaker and session chair, cleared the process amid differing opinions.
The MAC, along with the Ministry of Economic Affairs, extended its appreciation to lawmakers for their efforts and to every segment of society for participating in scrutinizing the implications of the pact in a statement March 18.
Since mainland China and Taiwan signed the agreement last June, the MAC, MOEA and other government agencies have complied with the Legislature’s demands to hold public hearings and provide data for analysis and evaluation. This conveys to the public the significant role of the pact in facilitating Taiwan’s participation in regional trade blocs.
All administrative units of the government respect the legislative process and its result, the MAC said.
As for questions pertaining to the agreement’s possible effect on national security, as well as industry and employment, the MAC said the government has put strict regulations in place to ensure any such risks are kept to a minimum.
Existing laws and regulations such as Measures Governing Investment Permit to the People of Mainland Area and Regulations Governing the Entry Permission to Taiwan Area for the People from Mainland China, complete with a strict review, management and punishment mechanism, will regulate labor and capital flows from mainland China, the MAC said. Monopolies, as well as military and sensitive industries, are off-limits to investors from the other side of the strait, the MAC added.
Although this mechanism is sufficient to minimize risks while maximizing benefits under the agreement, the government remains open to suggestions for improvement from all sectors.
The government has also devised a support program to help the local industrial and labor markets adjust to any stresses brought about by trade liberalization, the MAC said.
According to the council, the program’s budget increased to NT$98.21 billion (US$3.2 billion) from NT$95.2 billion following the inking of the agreement, with a view to providing expanded assistance in industrial revitalization, restructuring and relief. (YHC-JSM)
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