Beijing, Taiwan review trade agreement, to fast-track investment protection deal

~BEIJING - The sixth round of cross-strait Economic Co-operation Committee talks has concluded in Beijing with Taiwan and mainland China exchanging views on a raft of trade co-operation issues. Led by Taiwan’s Deputy Minister of Economic Affairs, Cho Shih-chao, and his mainland Chinese counterpart, Gao Yan, representatives focused on reviewing implementation results of the Cross-Straits Economic Co-operation Framework Agreement (ECFA).

According to Taiwan’s Ministry of Economic Affairs, latest statistics show tariff concessions for Taiwan’s merchandise exports to the mainland under the ECFA early harvest scheme topped US$300 million for the first six months of 2014, with the total at US$1.8 billion since implementation of ECFA in January 2011. Savings for mainland China’s exporters were US$41 million and US$180 million, respectively.
Taipei and Beijing agreed to continue fast-tracking implementation of a cross-strait investment protection agreement. They will concentrate on dispute settlement, including facilitating establishment of five designated dispute settlement bodies.
They also reached consensus on a five-stage tariff concession scheme for trade in goods, and will start the next round of agreement negotiations later this month.
Delegates remained committed to boosting industrial collaboration through six working groups in the automobile, cold chain logistics, display panel, light-emitting diode, textile and wireless city sectors. They will set up a new group for the medicine sector during the next ECC round. www.taiwantoday.tw (ATI).