Landmark cross-Strait pact nears
Source: Xinhua/Shanghai Daily |
00:57 UTC+8 June 25, 2010
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Negotiators from Chinese mainland and Taiwan completed work yesterday on a trade agreement that will be a landmark for cross-Strait relations.
The Economic Cooperation Framework Agreement, to be signed on June 29 in the southwest city of Chongqing, is intended to give Taiwan companies tariff benefits on the mainland similar to those received by Southeast Asian countries under a trade pact that went into effect earlier this year.
The two sides also worked out provisions protecting intellectual property rights and regulates cross-Taiwan Strait banking.
The trade pact provides Taiwan companies with tariff advantages on 539 products exported to the mainland. The import value of the products accounted for about 16 percent of the mainland's total imports from Taiwan last year and included farm produce, chemicals, machinery, auto parts, electronic products and medical appliance, negotiators said.
Mainland companies, meanwhile, will receive advantages on 267 products in the Taiwan market. The value of the products accounted for about 10 percent of Taiwan's total imports from the mainland last year.
Kao Koong-lian, vice chairman of Taiwan's Straits Exchange Foundation, said yesterday a consensus was reached in talks in Taipei between the foundation and the mainland's Association for Relations Across the Taiwan Strait.
The Taiwan delegation will arrive in Chongqing on June 28, Kao said.
Kao, heading the Taiwan delegation, said the Economic Cooperation Framework Agreement and intellectual property protection agreement would be the most important pacts for cross-Strait economic cooperation in the future.
"The two sides have reached common understanding on most issues concerning the two agreements," said Zheng Lizhong, vice president of the mainland association.
Both sides agreed to cut duties on the products in the "early harvest program" to zero in three stages over two years. In addition, the mainland will also open its market in 11 service sectors, including accounting, IT, medical and financial business, while Taiwan will open the market in nine service areas.
"According to the draft we agreed at the meeting, the two sides will continue discussing agreements on commodity trade, service trade and investment after the economic framework is signed," Zheng said.
The two sides will start discussing commodity trade and service trade pacts six months after the agreement is signed, said Huang.
The discussions progressed well, with mutual respect, Zheng said.
The mainland had not pressured Taiwan to lift trade barriers against imports of farm produce nor required the island to open its labor market. The mainland agreed to allow the import of more duty-free farm produce from Taiwan and include preferential treatment for Taiwan's small businesses to enter the mainland market, he said.
The two sides agreed to reduce trade and investment barriers under World Trade Organization rules, based on each other's economic conditions, he said.
Zheng said the pact is "only the first step for economic cooperation and will not settle all the problems that the mainland and Taiwan businesses face. More work still needs to be done after the agreement is signed."
The Economic Cooperation Framework Agreement, to be signed on June 29 in the southwest city of Chongqing, is intended to give Taiwan companies tariff benefits on the mainland similar to those received by Southeast Asian countries under a trade pact that went into effect earlier this year.
The two sides also worked out provisions protecting intellectual property rights and regulates cross-Taiwan Strait banking.
The trade pact provides Taiwan companies with tariff advantages on 539 products exported to the mainland. The import value of the products accounted for about 16 percent of the mainland's total imports from Taiwan last year and included farm produce, chemicals, machinery, auto parts, electronic products and medical appliance, negotiators said.
Mainland companies, meanwhile, will receive advantages on 267 products in the Taiwan market. The value of the products accounted for about 10 percent of Taiwan's total imports from the mainland last year.
Kao Koong-lian, vice chairman of Taiwan's Straits Exchange Foundation, said yesterday a consensus was reached in talks in Taipei between the foundation and the mainland's Association for Relations Across the Taiwan Strait.
The Taiwan delegation will arrive in Chongqing on June 28, Kao said.
Kao, heading the Taiwan delegation, said the Economic Cooperation Framework Agreement and intellectual property protection agreement would be the most important pacts for cross-Strait economic cooperation in the future.
"The two sides have reached common understanding on most issues concerning the two agreements," said Zheng Lizhong, vice president of the mainland association.
Both sides agreed to cut duties on the products in the "early harvest program" to zero in three stages over two years. In addition, the mainland will also open its market in 11 service sectors, including accounting, IT, medical and financial business, while Taiwan will open the market in nine service areas.
"According to the draft we agreed at the meeting, the two sides will continue discussing agreements on commodity trade, service trade and investment after the economic framework is signed," Zheng said.
The two sides will start discussing commodity trade and service trade pacts six months after the agreement is signed, said Huang.
The discussions progressed well, with mutual respect, Zheng said.
The mainland had not pressured Taiwan to lift trade barriers against imports of farm produce nor required the island to open its labor market. The mainland agreed to allow the import of more duty-free farm produce from Taiwan and include preferential treatment for Taiwan's small businesses to enter the mainland market, he said.
The two sides agreed to reduce trade and investment barriers under World Trade Organization rules, based on each other's economic conditions, he said.
Zheng said the pact is "only the first step for economic cooperation and will not settle all the problems that the mainland and Taiwan businesses face. More work still needs to be done after the agreement is signed."
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