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Tariff-reducing pact between Taiwan, mainland takes effect
Source: Xinhua |
01:11 UTC+8 September 13, 2010
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A PACT that will reduce tariffs on hundreds of products traded between Chinese mainland and Taiwan took effect yesterday, marking a new era for economic ties across the Taiwan Strait.
The Economic Cooperation Framework Agreement, signed by both sides in late June, also lets Taiwan firms enter banking and insurance markets on the mainland as a boost to bilateral trade that amounts to US$110 billion annually.
Under the agreement, the two sides will gradually reduce and remove trade and investment barriers.
For the next six months, they are to continue discussing arrangements for commodities trade, services trade and investment.
"The ECFA's coming into effect is definitely a good thing," said Hsiao Han-chun, director of Taiwan's Kaohsiung County Farmers' Association. "I shout 'bravo' on behalf of Taiwan farmers and fishermen."
Hsiao said the duty cuts on farm produce will benefit farmers and fishermen in central and southern Taiwan.
According to the "early harvest" program, an integral part of the deal, the duties on 539 Taiwan goods and 267 mainland products will be reduced to zero in three phases within two years, starting January 1.
Taiwan institutions estimated the island will save nearly 30 billion New Taiwan Dollars (US$943 million) from the duty cuts after the ECFA goes into effect. The Chung-hua Institution for Economic Research, a Taipei-based think tank, predicted the pact will boost local GDP growth by 1.65 to 1.72 percent and generate about 260,000 new jobs in Taiwan.
Financial agencies from the mainland and Taiwan have stepped up cooperation.
Taiwan-based Taishin Financial Holdings signed a cooperation agreement last week with mainland-based Nanjing Zijin Investment Co.
A week earlier, China Huarong Asset Management Corporation and Taiwan-based SinoPac Holdings signed an agreement in Beijing to begin new strategic cooperation.
Also last week, the mainland-based Bank of China and Bank of Communications applied to set up representative offices in Taiwan.
In addition, under the agreement, the mainland and Taiwan will also set up a committee for cross-Strait economic cooperation.
The committee will be the first working organization jointly set up by the two sides under the framework of the mainland's Association for Relations Across the Taiwan Straits and Taiwan's Straits Exchange Foundation, said researcher Sheng Jiuyuan.
The Economic Cooperation Framework Agreement, signed by both sides in late June, also lets Taiwan firms enter banking and insurance markets on the mainland as a boost to bilateral trade that amounts to US$110 billion annually.
Under the agreement, the two sides will gradually reduce and remove trade and investment barriers.
For the next six months, they are to continue discussing arrangements for commodities trade, services trade and investment.
"The ECFA's coming into effect is definitely a good thing," said Hsiao Han-chun, director of Taiwan's Kaohsiung County Farmers' Association. "I shout 'bravo' on behalf of Taiwan farmers and fishermen."
Hsiao said the duty cuts on farm produce will benefit farmers and fishermen in central and southern Taiwan.
According to the "early harvest" program, an integral part of the deal, the duties on 539 Taiwan goods and 267 mainland products will be reduced to zero in three phases within two years, starting January 1.
Taiwan institutions estimated the island will save nearly 30 billion New Taiwan Dollars (US$943 million) from the duty cuts after the ECFA goes into effect. The Chung-hua Institution for Economic Research, a Taipei-based think tank, predicted the pact will boost local GDP growth by 1.65 to 1.72 percent and generate about 260,000 new jobs in Taiwan.
Financial agencies from the mainland and Taiwan have stepped up cooperation.
Taiwan-based Taishin Financial Holdings signed a cooperation agreement last week with mainland-based Nanjing Zijin Investment Co.
A week earlier, China Huarong Asset Management Corporation and Taiwan-based SinoPac Holdings signed an agreement in Beijing to begin new strategic cooperation.
Also last week, the mainland-based Bank of China and Bank of Communications applied to set up representative offices in Taiwan.
In addition, under the agreement, the mainland and Taiwan will also set up a committee for cross-Strait economic cooperation.
The committee will be the first working organization jointly set up by the two sides under the framework of the mainland's Association for Relations Across the Taiwan Straits and Taiwan's Straits Exchange Foundation, said researcher Sheng Jiuyuan.
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