Taiwan firms win breaks on tax
Source: Agencies |
01:08 UTC+8 June 14, 2010
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ABOUT 500 Taiwan petrochemical, machinery, auto parts and textile products will be among the first to benefit from tariff cuts under a trade deal with Chinese mainland, Taiwan-based newspapers reported yesterday.
They cited the mainland's Taiwan affairs chief Wang Yi as telling Taiwan delegates to the third round of expert-level talks on the Economic Cooperation Framework Agreement that the deal was certain to be signed by the end of June.
Wang's comments, made at a Saturday evening function ahead of yesterday's talks in Beijing, are the clearest confirmation yet of the content of the deal and the timing of the signing.
The reports said the tariff reductions for petrochemical products could be about 60 percent and those for textiles 80 percent.
Together all the items on the initial list for reductions, dubbed the "early-harvest list," account for about 15 percent of Taiwan's exports to the mainland.
Taiwan is banking on the ECFA opening doors to trade deals with other major economies such as Japan and the United States, allowing its export-reliant US$390-billion economy to stay competitive with regional rivals.
After the latest talks on the ECFA yesterday, Xinhua news agency said the two sides "reached a basic consensus" on the text of the agreement.
They would settle on a list of goods and services to benefit from the "early-harvest" plan in subsequent discussions.
They cited the mainland's Taiwan affairs chief Wang Yi as telling Taiwan delegates to the third round of expert-level talks on the Economic Cooperation Framework Agreement that the deal was certain to be signed by the end of June.
Wang's comments, made at a Saturday evening function ahead of yesterday's talks in Beijing, are the clearest confirmation yet of the content of the deal and the timing of the signing.
The reports said the tariff reductions for petrochemical products could be about 60 percent and those for textiles 80 percent.
Together all the items on the initial list for reductions, dubbed the "early-harvest list," account for about 15 percent of Taiwan's exports to the mainland.
Taiwan is banking on the ECFA opening doors to trade deals with other major economies such as Japan and the United States, allowing its export-reliant US$390-billion economy to stay competitive with regional rivals.
After the latest talks on the ECFA yesterday, Xinhua news agency said the two sides "reached a basic consensus" on the text of the agreement.
They would settle on a list of goods and services to benefit from the "early-harvest" plan in subsequent discussions.
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