Alexa

Financial MOU with China no later than New Year's Day, 2010

Financial MOU with China no later than New Year's Day, 2010

Taipei, Oct. 28 (CNA) A memorandum of understanding (MOU) on financial cooperation between Taiwan and China will not be signed any later than New Year's Day, 2010, Financial Supervisory Commission (FSC) Chairman Sean Chen said Wednesday.
Chen made the remarks while answering questions from lawmakers during a legislative committee meeting, although he declined to confirm the venue for the signing of the pact.
"Judging from precedent, the signing of a cross-Taiwan Strait MOU will not be carried out later than the beginning of next year, " Chen said.
According to Chen, the FSC submitted the issues relevant to the deal's signing in mid-March to the Ministry of Economic Affairs, which has included them in its "early harvest" list to be exchanged with China next week, paving the way for the next round of informal two-way negotiations on a planned economic cooperation framework agreement (ECFA) set for Nov. 3-4 in Beijing.
The list refers to industries or services that each side will open for immediate tariff concessions or more liberal trade terms under the ECFA, similar to provisions under a free trade agreement.
Chen, however, said he did not agree to a proposal that the MOU be signed during the fourth round of cross-Taiwan Strait talks between the Taipei-based Straits Exchange Foundation and the Beijing-based Association for Relations Across the Taiwan Straits -- slated to be held in Taichung in mid-December.
Such an MOU should be inked by the financial supervisory authorities of the two sides, he said.
Meanwhile that day, a spokesman for the Taiwan Affairs Office under Beijing's State Council, said that "in response to Taiwan's concern over the issue, we hope to clinch the deal as soon as possible." (By Flor Wang)