Premier Mao Chi-kuo says he hopes to see the legislature pass the controversial trade in services agreement with China soon. He said that he also hopes that legislation on monitoring cross-strait agreements will soon clear the legislature floor. The trade in services agreement was signed in 2012 but has been stalled in the legislature since then.
Mao said Thursday that the impact that the recently signed China-Korea FTA will have on Taiwan is less than expected. However, he also said that Taiwan is behind in the race to integrate into the regional economy.
Meanwhile, Economics Minister John Deng said Thursday that Taiwan cannot ignore the China-Korea FTA. This is because Mainland China is Taiwan’s biggest export market and South Korea is one of Taiwan’s major trade rivals. Under the China-Korea FTA, some of Taiwan’s most important exports to China will no longer be competitive, with rival Korean exporters no longer subject to the same tariffs. Deng said that Taiwan and China must therefore continue to negotiate on the cross-strait trade in goods agreement.