Economics minister Cho Shih-chao says that the cross-strait trade in services pact offers a number of advantages to Taiwan.
Cho was speaking Wednesday. He was responding to a recent remark by China’s commerce minister that the cross-strait deal is broader and more open than most trade deals China has signed in the past.
Cho said that the trade in services agreement offers Taiwan a better deal than trade rival South Korea received in its Free Trade Agreement with China.
"The benefits exceed those South Korea received in its Free Trade Agreement with China," Cho said. "I’ll give you a good example. We have favorable treatment in banking, insurance and securities. We can set up [offices] there. This is not included in the China-Korea FTA."
Cho said that the benefits Taiwan will enjoy under agreement will decrease as China continues to open up. He said that because of this, his ministry hopes that the legislature will speed up the approval of the cross-strait trade in services act.