Milestone cross-Strait pact signed
Source: Xinhua |
June 30, 2010, Wednesday
|
Print Edition
Print Edition
CHINESE mainland and Taiwan negotiators signed the long-awaited Economic Cooperation Framework Agreement yesterday, a move widely hailed as a milestone in cross-Strait relations.
Aiming to establish a systematic mechanism for heightened cross-Strait economic cooperation, the deal was signed in the southwestern Chinese city of Chongqing by the mainland's Association for Relations Across the Taiwan Strait and Taiwan's Straits Exchange Foundation.
The two organizations handle cross-Strait issues on behalf of their respective governments.
The pact will end tariffs on hundreds of products traded across the Strait and allow Taiwanese firms access to 11 service sectors on the mainland, including banking, accounting, insurance and hospitals.
It should boost bilateral trade already totaling about US$110 billion a year - some US$80 billion in goods flowing to the mainland, and US$30 billion to Taiwan.
The economic agreement will formally take effect one day after both sides "complete due procedures and notify each other," the agreement said.
Both sides agreed on a list of items and services to initially benefit from the pact with preferential duty cuts and treatment, dubbed the "early harvest program."
The "early harvest program" is to launch within six months of the agreement taking effect.
The two sides will continue discussing agreements for commodity trade, service trade and investment for six months after the agreement takes effect.
Further discussions on trading commodities will include tariff reduction and removal; rules of origin; customs procedures; and trade remedies.
Discussions on trading for services will focus on gradually cutting and removing restrictive measures, enlarging the service sectors covered, and improving cross-Strait cooperation.
Talks on cross-Strait investment aim to establish an investment protection mechanism, make regulations more transparent, reduce restrictions on investment, and facilitate unhindered investment.
Also yesterday, the two sides signed a separate agreement on intellectual property rights protection.
According to that agreement, the mainland and Taiwan will undertake more exchanges and cooperation to boost protection of patents, trademarks, copyright and plant variety rights.
Aiming to establish a systematic mechanism for heightened cross-Strait economic cooperation, the deal was signed in the southwestern Chinese city of Chongqing by the mainland's Association for Relations Across the Taiwan Strait and Taiwan's Straits Exchange Foundation.
The two organizations handle cross-Strait issues on behalf of their respective governments.
The pact will end tariffs on hundreds of products traded across the Strait and allow Taiwanese firms access to 11 service sectors on the mainland, including banking, accounting, insurance and hospitals.
It should boost bilateral trade already totaling about US$110 billion a year - some US$80 billion in goods flowing to the mainland, and US$30 billion to Taiwan.
The economic agreement will formally take effect one day after both sides "complete due procedures and notify each other," the agreement said.
Both sides agreed on a list of items and services to initially benefit from the pact with preferential duty cuts and treatment, dubbed the "early harvest program."
The "early harvest program" is to launch within six months of the agreement taking effect.
The two sides will continue discussing agreements for commodity trade, service trade and investment for six months after the agreement takes effect.
Further discussions on trading commodities will include tariff reduction and removal; rules of origin; customs procedures; and trade remedies.
Discussions on trading for services will focus on gradually cutting and removing restrictive measures, enlarging the service sectors covered, and improving cross-Strait cooperation.
Talks on cross-Strait investment aim to establish an investment protection mechanism, make regulations more transparent, reduce restrictions on investment, and facilitate unhindered investment.
Also yesterday, the two sides signed a separate agreement on intellectual property rights protection.
According to that agreement, the mainland and Taiwan will undertake more exchanges and cooperation to boost protection of patents, trademarks, copyright and plant variety rights.
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