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ECFA drives up Taiwan-China trade by 10.53% in first seven months.

Taipei, Aug. 22, 2011 (CENS)--Driven by ECFA (economic cooperation framework agreement) that became effective Jan. 1, 2011, Taiwan-China trade grew a sizable annual 10.53% in the first seven months, according to Bill Cho, director general of Bureau of Foreign Trade (BOFT), Ministry of Economic Affairs (MOEA).

In the same period 27 transnational enterprises signed letters of intent with MOEA to invest in Taiwan an estimated NT$108.25 billion (US$3.61 billion); while over 40 overseas Taiwanese enterprises will reportedly return home to invest, creating synergy of an estimated NT$28.3 billion (US$943.33 million) and 2,785 jobs.

In Jan.-May, manufacturing jobs rose 4.78% from that of the same period of last year, with corresponding percentages of the industries on the ECFA fast-track gainer list being even higher: jobs in machinery & related equipment sectors grew the highest at 7.53%, with 5.97% for auto & parts industries.

T. J. Duh, director general of Industrial Development Bureau (IDB), said that ECFA allows duties on some 451 Taiwan-made products to drop to 5% and then 0.95% in 2012, adding that the bilateral agreement has sharpened Taiwan's manufacturing advantage, shown by 60% surge in export value of machinery in the first half and 30% for the bicycle industry.

Moreover, export of women's underwear surged to US$480,000 in the first seven months from an average of US$4,000 annually earlier, with export of small electric appliances soaring to US$130,000 from less than US$10,000 yearly, and that of drive shafts skyrocketing to US$3.2 million from US$20,000.
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Title Annotation:economic cooperation framework agreement
Author:Li, Judy
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9CHIN
Date:Aug 22, 2011
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