TAIPEI (AFP) - Taiwans President Ma Ying-jeou on Wednesday hailed parliaments approval of a historic trade pact with China, saying it will help transform the island into a regional hub. Following a marathon debate, Taiwans parliament on Tuesday endorsed the Economic Cooperation Framework Agreement (ECFA) by far Taipeis most wide-ranging accord yet with Beijing. After the ECFA becomes effective and China emerging as the worlds second-biggest economy, Taiwan will play a different role in the global economy, Ma told a gathering in Taipei. From now on, the likelihood of Taiwan becoming an economic and trade hub in the Asia-Pacific region is rising. Taiwans government has pushed the ECFA as a necessity that will not only create growth and employment, but also protect Taiwan from isolation at a time of increasing free-trade pacts throughout Asia. Economics Minister Shih Yen-hsiang said the ECFA would make Taiwanese products more competitive in China and encourage multinational enterprises to investments in Taiwan and use the island as a gateway to the mainland. Taiwans opposition has argued the ECFA will cost large numbers of Taiwanese jobs and increase Taipeis dependence on Beijing. Negotiators from Taiwan and China signed the agreement in June, in the boldest step yet towards reconciliation between the former rivals, who split after the end of a civil war in 1949. Signing the pact has been a major priority Mas Beijing-friendly Kuomintang party, which swept to power in 2008 on a promise to improve the islands economy through better ties with China.