Cross-Strait services deal 'new level of cooperation'
00:31 UTC+8 June 22, 2013
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Chinese mainland and Taiwan have signed an agreement to open up their service sectors, further deepening ever closer trade and economic ties.
Yesterday's signing in Shanghai followed two years of negotiations.
Under the agreement signed by the mainland-based Association for Relations Across the Taiwan Strait and the Taiwan-based Strait Exchange Foundation, the mainland will open 80 service sectors to Taiwan, while Taiwan will open 64 sectors to the mainland.
They include those related to commerce, telecommunications, construction, distribution, environment, health, tourism, entertainment, culture, sports, transportation and finance.
The agreement will take effect later this year.
For Taiwan, which has rich experience in the service sector, the agreement means a bigger market to explore and more business opportunities, while the mainland expects to see its own tertiary industry upgraded with resources from the island.
The mainland service sector has large potential for development, as the added value of the tertiary sector accounted for only about 44 percent of GDP in 2012, according to official statistics. In contrast, the output of the service sector in Taiwan made up about 68 percent of the island's GDP in the same year.
Chen Deming, the association's president, said the agreement "marks a new level for cross-Strait economic and trade cooperation and complies with the trend of the world's economic development."
Mutual markets
Under the agreement, the threshold for market access will be lowered for service providers from both sides and more favorable policies will be formulated to boost cross-Strait cooperation in the service industry.
The agreement will further normalize and liberalize the service trade between the mainland and Taiwan, as well as promote the opening-up of mutual markets in the service sector, the two groups said in a joint release.
The agreement is one of several follow-up agreements to the Economic Cooperation Framework Agreement, a comprehensive cross-Strait pact signed in 2010 and intended to reduce tariffs and commercial barriers.
Both sides said they would proceed with other follow-up agreements. Negotiations on a commodity trade agreement and a dispute settlement agreement are expected to be completed before the end of the year, and a pact to avoid double taxation is expected to be signed in the latter half of this year.
Both sides also agreed to address shortages of fresh water in the Kinmen islands and move ahead with talks on the establishment of offices on either side.
There will also be talks on agreements regarding cross-Strait cooperation on earthquake monitoring and meteorology.
And there was a pledge to further exchange views on Chen's proposal to launch negotiations on agreements that would facilitate cross-Strait exchanges in the culture, education and science sectors.
Yesterday's signing in Shanghai followed two years of negotiations.
Under the agreement signed by the mainland-based Association for Relations Across the Taiwan Strait and the Taiwan-based Strait Exchange Foundation, the mainland will open 80 service sectors to Taiwan, while Taiwan will open 64 sectors to the mainland.
They include those related to commerce, telecommunications, construction, distribution, environment, health, tourism, entertainment, culture, sports, transportation and finance.
The agreement will take effect later this year.
For Taiwan, which has rich experience in the service sector, the agreement means a bigger market to explore and more business opportunities, while the mainland expects to see its own tertiary industry upgraded with resources from the island.
The mainland service sector has large potential for development, as the added value of the tertiary sector accounted for only about 44 percent of GDP in 2012, according to official statistics. In contrast, the output of the service sector in Taiwan made up about 68 percent of the island's GDP in the same year.
Chen Deming, the association's president, said the agreement "marks a new level for cross-Strait economic and trade cooperation and complies with the trend of the world's economic development."
Mutual markets
Under the agreement, the threshold for market access will be lowered for service providers from both sides and more favorable policies will be formulated to boost cross-Strait cooperation in the service industry.
The agreement will further normalize and liberalize the service trade between the mainland and Taiwan, as well as promote the opening-up of mutual markets in the service sector, the two groups said in a joint release.
The agreement is one of several follow-up agreements to the Economic Cooperation Framework Agreement, a comprehensive cross-Strait pact signed in 2010 and intended to reduce tariffs and commercial barriers.
Both sides said they would proceed with other follow-up agreements. Negotiations on a commodity trade agreement and a dispute settlement agreement are expected to be completed before the end of the year, and a pact to avoid double taxation is expected to be signed in the latter half of this year.
Both sides also agreed to address shortages of fresh water in the Kinmen islands and move ahead with talks on the establishment of offices on either side.
There will also be talks on agreements regarding cross-Strait cooperation on earthquake monitoring and meteorology.
And there was a pledge to further exchange views on Chen's proposal to launch negotiations on agreements that would facilitate cross-Strait exchanges in the culture, education and science sectors.
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