New Delhi, Jun 25 (ANI): To provide a major boost of about 100 billion dollars annually in two-way trade, China and Taiwan will sign a landmark trade deal next Tuesday, cutting import tariffs on hundreds of items.
The deal, which is considered the most significant between the two sides in 60 years, will be signed on June 29 in Chongqing when negotiators from both sides meet for their fifth round of talks.
The free-trade deal, or the Economic Cooperation Framework Agreement (ECFA), will cut tariffs on more than 800 products and open up service industries, the China Daily reports.
The deal provides Taiwan companies tariff advantages on some 530 categories of goods for export to China, and China will receive advantages on some 260 categories in the Taiwan market.
China's Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) will sign the ECFA and an agreement on intellectual property protection, Xinhua reported.
SEF Vice-Chairman Kao Koong-lian said that negotiators reached the consensus at a preparatory consultation held in Taipei between the ARATS and SEF on Thursday morning to fix the details for the coming talks.
ARATS Executive Vice-President Zheng Lizhong said the ECFA will be a landmark in cross-Straits relations, signaling a new stage in the ARATS-SEF talks. (ANI)