TAIPEI (Taiwan News) — Terminating the Economic Cooperation Framework Agreement (ECFA) between Taiwan and China will harm both sides, Mainland Affairs Council (MAC) Minister Chiu Tai-san (邱太三) said on Wednesday (April 19).

ECFA was signed in 2010 by Beijing and by the Kuomintang (KMT) government of then-President Ma Ying-jeou (馬英九) as a package of trade and investment liberalization measures. China’s recent allegations that Taiwan has erected unfair trade barriers against 2,455 commodities gave rise to speculation that the communist country might also decide to end ECFA, the Liberty Times reported.

The 2010 trade agreement has benefited both sides and abandoning it would harm both China and Taiwan and damage cross-strait relations, Chiu told the Legislative Yuan on Wednesday. The Ministry of Economic Affairs (MOEA) reportedly prepared its response to all kinds of developments regarding ECFA at meetings in May 2020.

Chiu said that even before China launched these allegations, it already banned the import of various agricultural and fishery products from Taiwan. The government has assisted farmers in finding new markets, and the MAC will continue to assist other departments in analyzing risks and opportunities, the minister said.