China, Taiwan Sign Historic Pact

The signing of the Economic Co-operation Framework Agreement (ECFA) between China and Taiwan yesterday is a major boost to two-way trade currently worth about US$110 billion, says the South China Morning Post.


Under the agreement, tariffs on 539 Taiwanese export items, valued at US$13.84 billion, and 267 mainland export items, worth US$2.86 billion, will be reduced to zero within two years.


The Post says the deal, which is expected to take effect at the beginning of next year, also gives Taiwanese banking, insurance and financial companies access to the mainland market.




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