UPGRADE AND TRANSFORM: Although the cross-strait trade deal might remain, the Ministry of Economic Affairs said businesses should prepare for any disruptions

Taipeio Times
Date: Mar 28, 2020
By: Natasha Li / Staff reporter

Taiwan might face a decline in foreign trade with China if the cross-strait Economic Cooperation Framework Agreement (ECFA) ends this year, Minister of Economic Affairs Shen Jong-chin (沈榮津) said yesterday.

The agreement, which was signed and put into effect in 2010 to reduce trade barriers across the Taiwan Strait, is expected to end this year, despite not having an exact termination date.

“We have not received notification [from China] that it wishes to terminate ECFA,” Shen told reporters prior to attending a meeting at the Legislative Yuan. “Even if we are notified, the agreement would only cease after six months.”

While acknowledging the potential effects on Taiwan’s economy, Shen said termination of the agreement would affect less than 5 percent of commercial exchanges with China.
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