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Economic Cooperation Framework Agreement
The Economic Cooperation Framework Agreement (ECFA) is a preferential trade agreement between the governments of the People's Republic of China (mainland China) and the Republic of China (Taiwan) that aims to reduce tariffs and commercial barriers between the two sides. The pact, signed on June 29, 2010, in Chongqing,〔Taiwan News, (ECFA signing scheduled for June 29 ) June 25, 2010〕 was seen as the most significant agreement since the two sides split after the Chinese Civil War in 1949. It will boost the current US$197.28 billion bilateral trade between both sides.〔http://focustaiwan.tw/news/aeco/201401100017.aspx〕
==Background==
The government of the People's Republic of China uses its influence on neighboring economic powers to prevent them from signing free-trade agreements (FTAs) with Taiwan.〔(Taipei Times ) 2009/09/12〕〔(Taipei Times ) 2009/09/25〕 Instead, under the leadership of the Kuomintang, Taipei was motivated to sign the ECFA with mainland China partly in hope that once it has this agreement the PRC will stop pressuring other countries to avoid such agreements with Taiwan, as well as to counteract the negative consequences of China's free trade agreement with ASEAN. The ECFA has been compared with the Closer Economic Partnership Arrangements mainland China signed with the Special Administrative Regions: Hong Kong and Macau.〔Sina.com, (2010), (陸學者：ECFA與CEPA提升競爭力 ), 2010-07-10 〕
The deal is thought to be structured to benefit Taiwan far more than mainland China. The "early harvest" list of tariff concessions covers 539 Taiwanese products and 267 mainland Chinese goods. The advantage to Taiwan would amount to , while mainland China would receive benefits estimated at . Mainland China will also open markets in 11 service sectors such as banking, securities, insurance, hospitals and accounting, while Taiwan agreed to offer wider access in seven areas, including banking and movies.
Financial reforms were kicked off on January 16, 2010 with the signing of three Memoranda of Understanding between Taiwan's Financial Supervisory Commission Chairman Sean Chen and three counterpart agencies in Beijing for Banking, Insurance and Securities. The FSC is hoping that Taiwan will get more leniency in the hurdles set by the Chinese government for foreign players. These hurdles have limited the growth of these foreign players relative to their local peers.〔(Financial Reforms Open China to the Taiwanese, by Sam Radwan, Bloomberg Businessweek, Jan 2010 )〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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