Taiwan leader Ma Ying-jeou says the soon-to-be-signed ECFA is an essential step for Taiwan's economic development. He will announce the ECFA implementation strategy on July 1st.
Ma says the ECFA may not have an immediate effect, but it will certainly boost the economy of Taiwan. He stresses that the ECFA will be help sharpen the competitive edge of Taiwan's companies, boost exports, attract more investment and promote employment.
Taiwan's economic circle welcomes the agreement. The mainland will reduce duties on more than five-hundred commodity items imported from Taiwan. The import value of the products accounted for about 16.1 percent of the mainland's total imports from Taiwan last year. In addition, the mainland will also open up its market in 11 service sectors.