14 June 2010 03:41 [Source: ICIS news]
SINGAPORE (ICIS news)--Officials from China and Taiwan have agreed over the content and structure of a trade deal that would lower the tariffs for Taiwanese products including petrochemicals, Taipei's semi-official Straits Exchange Foundation (SEF) said late on Sunday.
The agreement would also cover trade, investment, services and the “early-harvest list” of industrial items that would first benefit from reduced tariffs after ?xml:namespace>
"Signing ECFA [Economic Cooperation Framework Agreement] will strengthen the trade and investment relations between the two sides," SEF said adding that the cooperation would benefit the "economies on both sides of the strait".
"The two sides agreed to adopt an even more open policy on certain services," the SEF said, without elaborating.
SEF is an organization set up by the Taiwanese government to handle business matters with
The trade pact is part of the ECFA between
The China-ASEAN FTA could reduce
Tariff reductions for petrochemical products could be about 60% and those for textiles 80%, media reports said.
Some 500 Taiwanese petrochemical, machinery, auto parts and textile products will be among the first to benefit from the tariff cuts under the deal, they added.
The reports also cited
Together all the items on the initial list for reductions, dubbed the "early harvest list", account for some 15% of
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