Taiwan passes economic pact with mainland
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Taiwan's local legislature on Tuesday evening approved an economic and trade agreement with the Chinese mainland that is expected to bring closer economic ties between the two sides across the Taiwan Straits.
The local legislature voted to pass the Economic Cooperation Framework Agreement (ECFA) after ten hours of speeches by representatives from the ruling Kuomintang party and other parties.
Under Taiwanese laws, the ECFA would take effect only after approved by the regional legislature.
The mainland's Association for Relations Across Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) signed the ECFA on June 29 in Chongqing, China's wartime capital during the Second World War, agreeing to establish a systematic mechanism for enhancing cross-Strait economic cooperation.
The ARATS and the SEF handle cross-Straits issues on behalf of their respective authorities.
Under the 16-article agreement, the two sides agreed to "gradually reduce and remove trade and investment barriers and create a fair environment" in the two areas.
On Tuesday, the legislature also approved a separate agreement on intellectual property rights protection, which was signed along with the ECFA.
