Ma Ying-jeou regrets over impasse of service trade pact  

The uncertainty shrouding the establishment of a cross-Straits service trade is a "great pity" for Taiwan, the island's leader Ma Ying-jeou said on Thursday.

Ma said he is uncertain when the service trade pact, which has been bogged down since student protests in March, can be reviewed and ratified by the island's legislature.

He called it "a great pity" for Taiwan, saying further delay may cost Taiwanese businesses a prime opportunity to expand in the mainland and become world-class companies.

Taiwan's service sector has contributed about 70 percent to the island's GDP and created a great number of jobs, but still lags behind the Republic of Korea and Singapore as well as Hong Kong in terms of exports, according to Ma.

He warned that Taiwan will lose its competitive edge unless it liberalizes trade with the Chinese mainland by speeding up the Economic Cooperation Framework Agreement which includes goods and services pacts, as well as investment protection and dispute resolution channels.

Over the past six years, Taiwan's authority has pressed ahead the cross-Strait communication by adding direct flights, boosting tourism and admitting mainland students, Ma said, adding that those steps are "on the right track."

Ma made the remarks at a meeting with a group of representatives of Taiwanese businesses based in Shanghai.

He called on the entrepreneurs to share experiences with more Taiwanese, making them understand that the cross-Strait trade liberalization will not only benefit big companies but also small- and medium-sized businesses.