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Cross-strait trade pact to take effect Sept. 12: SEF

Cross-strait trade pact to take effect Sept. 12: SEF

Taipei, Sept. 11 (CNA) Taiwan and China have agreed that the economic cooperation framework agreement (ECFA) will take effect on Sept. 12, Taiwan's Straits Exchange Foundation (SEF) said Saturday.
The SEF said that it notified its Chinese counterpart, the Association for Relations Across the Taiwan Straits (ARATS) , on Saturday morning that it had completed procedures for implementing the ECFA and a cross-strait intellectual property rights protection agreement.
The ARATS replied in the afternoon that its preparation for the two agreements was finished and confirmed the implementation date, the SEF said.
The Ministry of Economic Affairs (MOEA) said that after the agreement takes effect, it will notify the World Trade Organization (WTO) as soon as possible.
After the trade pact takes effect, the two sides will set up a Cross-Strait Economic Cooperation Committee, and within six months will initiate discussions on agreements on investment protection, commodity trade, service trade, and a dispute-resolving mechanism, as stipulated in the ECFA.
An economics ministry official said that the committee is likely to be an ad hoc organization, and that the two sides could assign deputy minister-level officials to be members.
Under the ECFA's "early harvest" program, the tariffs on 539 Taiwanese goods and 267 Chinese products will be reduced to zero within two years from Jan. 1, 2011.
The 539 Taiwanese goods imported to China that are listed in the "early harvest" program were valued at an estimated US$13.84 billion a year, while the 267 Chinese products imported to Taiwan totaled about US$2.86 billion.
(By Liu Cheng-ching, Hsieh Chun-wei and Fanny Liu)




Updated : 2021-06-19 10:27 GMT+08:00