The Cabinet approved the cross-strait economic cooperation framework agreement and the agreement on intellectual property rights protection July 1.
The two trade pacts were signed by quasi-official representatives from Taiwan and Beijing in Chongqing June 29. After the Cabinet approval, both will be sent to the Legislature for reviews that are scheduled to begin later this month.
“The signing of ECFA came about through a series of talks that were mutually beneficial, with both sides on equal terms,” Premier Wu Den-yih said after the agreements cleared the Cabinet. “We have protected the interests of the people and industries of Taiwan,” Wu added.
“Signing the ECFA is only the first step in Taiwan’s integration with the global economy,” Wu said, noting that more cross-strait agreements concerning the exchange of products, services and investments will be forthcoming.
“Taiwan will soon sign free trade agreements with other key trading partners who have complementary values,” Wu said, stressing that Taiwan needs a strategic plan for the post-ECFA era.
Endorsed alongside the two agreements were amendments to four ECFA-related laws and regulations, including the Patent Act, Customs Import Tariff, Plant Variety and Plant Seed Act, and Trade Mark Act, all of which require legislative approval, according to Wu.
The Cabinet will communicate with the Legislature about the details of the ECFA, Wu said, noting further that “related government agencies must draft plans to assist local industries in transforming their operations in response to the accord.” (THN)