President Ma Ying-jeou said Thursday that he is uncertain when legislature can review and ratify the trade-in-services agreement with China. The pact has been stalled in the legislature since it was signed in June 2013.
Ma said it is a pity for Taiwan because the delay could cost Taiwanese businesses an opportunity to expand in the Chinese market. Ma was speaking during a meeting with a group of Taiwanese businessmen based in Shanghai.
Ma said Taiwan's service sector accounts for approximately 70% of the country's gross domestic product and provides many jobs domestically. However, he said exports from the sector are lagging behind those of South Korea, Hong Kong and Singapore.
Ma said many Taiwanese businesses in the service sector with operations in China have witnessed rapid development in the last ten years. He said that this demonstrates that the vast Chinese market is an important avenue for Taiwanese businesses to get ahead.
The president warned that Taiwan will have difficulty competing with other countries unless it normalizes cross-strait trade ties by speeding up the signing of the services pact as well as the cross-strait goods pact.