partners appears not to have seriously hindered Taiwan's rapidly expanding commerce. The Republic of China maintains cultural and trade offices in more than 60 countries with which it does not have official relations to represent Taiwanese interest. In addition to the WTO, Taiwan is a member of the Asian Development Bank as "Taipei, China" (a name resulting from PRC influence on the bank) and the Asia-Pacific Economic Cooperation (APEC) forum as "Chinese Taipei" (for the same reason as above). These developments reflect Taiwan's economic importance and its desire to become further integrated into the global economy. Taiwan is a member of the Asian Development Bank (ADB), the World Trade Organization (WTO), and the Asia-Pacific Economic Cooperation (APEC). Taiwan is also an observer at the Organisation for Economic Co-operation and Development (OECD) and International Energy Agency (IEA) as Member under the acronym of Chinese Taipei, and a member of International Chamber of Commerce as Chinese Taipei. Taiwan signed Economic Cooperation Framework Agreement with People's Republic of China on 29 June 2010. Taiwan has also signed free trade pacts with Singapore and New Zealand. Taiwan applied for the membership in the Asian Infrastructure Investment Bank in 2015. The Economic Cooperation Framework Agreement (ECFA) with the People's Republic of China was signed on 29 June 2010, in Chongqing. It could potentially widen the market for Taiwan's exports. However, the true benefits and impacts brought by ECFA to Taiwan's overall economy are still in dispute. The newly signed agreement will allow for more than 500 products made in Taiwan to enter mainland China at low or no tariffs. As of 2021, Taiwan's exports to the People's Republic of China (including Hong Kong) totaled about US$270 billion per year, which is equivalent to more than 40% of Taiwan's total GDP. The government is also looking to establish trade agreements with Singapore and the United States. Industry Industrial output has gradually decreased from accounting for over half of Taiwan's GDP in 1986 to just 31% in 2002. Industries have gradually moved to capital and technology-intensive industries from more labor-intensive industries, with electronics and information technology accounting for 35% of the industrial structure. Industry in Taiwan primarily consists of many small and medium-sized enterprises (SME) with fewer large enterprises. Traditional labor-intensive industries are being moved off-shore and replaced with capital and technology-intensive industries. These industries are in the pre-mature stage of the manufacturing industry in various global