Beijing And Taiwan Work Closer To Bring More Opportunities In The Greater China Region

On June 29, Mainland China and Taiwan finalized the long awaited Economic Cooperation Framework Agreement (ECFA) and the Cross-Strait Intellectual Property Rights Protection Agreement (IPA). The signing of two documents signals a new phase of the cross-strait relationship and also forecasts increased business opportunities in the greater China region. By signing ECFA, the Mainland and Taiwan have agreed that the parties will promote the free trade of goods and services; and will increase the bi-lateral economic, trade and investment cooperation. The parties also promised to reduce and eventually eliminate tariffs and non-tariff barriers on majority of products. As an initial gesture, Beijing has agreed to reduce tariffs for 539 products originated from Taiwan, while Taiwan promised to reduce tariffs for 267 products from Mainland. Both parties have agreed to reduce the tariffs for those products to zero within a two-year time frame.

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