Taiwan, China agrees on economic commission

When Vice Economic Affairs Minister Francis Kuo-hsin Liang met with China's Vice Minister of Commerce Jiang Zengwei in Beijing during an investment-soliciting visit last week, they discussed the structure and operation guidelines of the new body to be formed under the bilateral economic cooperation framework agreement (ECFA) signed June 29, the sources said.

During the meeting, Liang expressed Taiwan's expectation that a vice ministerial-level official from each side will be assigned to head the new commission.

The Chinese side did not oppose the proposal, the sources said, adding that as the commission will serve as a platform for negotiations on cross-strait economic and trade affairs, it will be manned by officials in the relevant fields.

The commission will become operational once the ECFA clears the legislative floor, the sources added.

High on the agenda of the new cross strait economic cooperation commission will be negotiating four key agreements to fulfill the ECFA's ultimate goals, the sources went on.

The ECFA follow-up agreements will cover investment, merchandise trade liberalization, service market opening and a trade dispute settlement mechanism.

Talks will first focus on investment and trade dispute settlement, the sources said, adding that Taiwan hopes the new investment agreement will offer well-devised protection for Taiwanese investors in China.

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