The draft special act for the Free Economic Pilot Zones (FEPZs) should be presented to the Executive Yuan at next week's Cabinet meeting, Premier Jiang Yi-huah said today.
The first stage of the plan, launched this August, required only alteration of administrative orders and regulatory relaxation, not new legislation. A legal basis must be established for the second phase, however, so the Council for Economic Planning and Development (CEPD)—which briefed the premier on the program at today's Cabinet meeting—and other agencies have been formulating a special act for FEPZs.
As many legislators and sectors of society are paying close attention to the progress and content of the special act, the premier asked the CEPD to ensure it is up-to-date and submit it to the Cabinet next week.
This law would only take effect after passing a third reading by the Legislature. Once the Cabinet passes the act, the CEPD and relevant agencies must actively communicate with the relevant legislative committees about it, he added.
Moreover, the scope of the FEPZ program has expanded significantly—for instance, law, accounting and architectural services are now permitted to enter the pilot areas, and educational innovation has been made a major point of emphasis—and corresponding changes to the first-phase plan must be submitted to the Executive Yuan within a month, the premier stated.
Expressing hope that deregulation and systemic innovation would improve Taiwan's candidacy for international economic and trade agreements and encourage industrial restructuring and economic growth, Jiang said relevant agencies must give their all to promoting FEPZs.
The program is a major response to the global trend of regional economic integration, particularly the development of the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, the premier explained.
"Preparations to liberalize the Taiwanese economy must be quickly undertaken," he declared.
Emphasizing the importance of the program, Jiang asked Vice Premier Mao Chi-kuo's task force and the Executive Yuan's Office of Information Services to inform legislators, the media, industries and local governments about it.
"I hope that all who are interested in the FEPZs, including ROC citizens abroad, across the Taiwan Strait and in the nation's foreign offices, can receive sufficient information about them," he stated.
"I will personally attend FEPZ promotions over the next several months to make sure those in Taiwan and abroad and in every corner of society clearly understand the significance and investment focuses of the FEPZs."
Docking and industrial cooperation between the FEPZs and other pilot free-trade, free-economy areas like the Shanghai Pilot Free-Trade Zone in the future will not be ruled out, Jiang added.