Economic Pact With the Mainland an Opportunity for Taiwan

The secretary-general of the Boao Forum for Asia Long Yongtu suggested Taiwan take the opportunity to sign the economic cooperation framework agreement, or ECFA, with the mainland, while attending a forum here Monday.

Long said ECFA has long-term strategic significance for both the Taiwan economy and cross-Strait economic cooperation. As 70 percent of Taiwan's investment and 40 percent of its trade are related to the mainland, signing the ECFA is a choice the market will make.

Taiwan has its unique competencies, Long said, pointing out the island's rich human resources in finance, accounting and law, which could be of help to the mainland as its currency, the renminbi, goes global.

"ECFA will bring tangible benefits to Taiwan," said Long.

Long called upon Taiwan to seize the opportunity as the mainland is shifting from being the world's factory to becoming a global market, which will surely alter landscape of world trade.