Mainland Affairs Council Minister Wang Yu-chi said on Monday that negotiating a trade in goods agreement with China might take longer than the trade in services agreement. He was responding to a suggestion that the government shelve the controversial cross-strait service trade pact and deal with a trade in goods agreement first.
“The cross-strait trade in goods agreement includes nearly 10,000 items," said Wang. "The trade talks between the two sides will involve tariff negotiations for each of those items. So the whole process is expected to take longer than [the trade in services agreement]."
The two sides are already negotiating the trade in goods agreement which is said to be more beneficial to Taiwan’s economy.
Meanwhile, the economics ministry said that a free trade agreement between China and South Korea will be hammered out by the end of the year. By then, Taiwan will face fierce competition from South Korea because 70% of Taiwan’s exports to China are similar to those from South Korea.