Economic Cooperation Framework Agreement
| Economic Cooperation Framework Agreement | |||||||||||||||
| Traditional Chinese | 兩岸經濟合作架構協議(定) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Simplified Chinese | 两岸经济合作架构协议(定) | ||||||||||||||
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| Alternative Chinese name | |||||||||||||||
| Traditional Chinese | 兩岸經濟協議(定) | ||||||||||||||
| Simplified Chinese | 两岸经济协议(定) | ||||||||||||||
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| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | Liǎng'àn Jīngjì Hézuò Jiàgòu Xiéyì |
| Yue: Cantonese | |
| Jyutping | loeng5 ngon6 ging1 zai3 ha6 zok3 gaa3 kau3 hip3 ji5 |
| Southern Min | |
| Hokkien POJ | lióng-gān-keng-chè-ha̍p-chok-kè-lòu-hia̍p-gī |
| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | Liǎng'àn Jīngjì Xiéyì |
| Yue: Cantonese | |
| Jyutping | loeng5 ngon6 ging1 zai3 hip3 ji5 |
| Southern Min | |
| Hokkien POJ | lióng-gān-keng-chè-hia̍p-gī |
The Economic Cooperation Framework Agreement (ECFA) is a preferential trade agreement between the governments of the People's Republic of China (mainland China, commonly "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, was seen as the most significant agreement since the two sides split after the Chinese Civil War in 1949, since neither government recognize the other as "countries". It was expected to boost the then-current US$197.28 billion bilateral trade between both sides. However, as of 2016, the trade between China and Taiwan actually stagnated since the ECFA has been signed, and the trade surplus has plummeted.
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 the Republic of China ("Taiwan") which China claims that the ROC has been eliminated and so Taiwan is part of its territory. 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.
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Wikipedia