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Cross-strait pacts touted as products of ECFA

2012/08/10 21:52:58

Taipei, Aug. 10 (CNA) The recent signing of two important pacts between Taiwan and China represent tangible results of the 2010 Economic Cooperation Framework Agreement (ECFA), Straits Exchange Foundation (SEF) Chairman Chiang Pin-kung said Friday.

"The framework has been transformed into real action," Chiang said of the deals inked Thursday that are designed to protect and promote bilateral investment and expedite customs clearance across the Taiwan Strait.

He was referring to the investment protection pact and the customs cooperation agreement signed between him and his Chinese counterpart, Chen Yunlin, president of the Association for Relations Across the Taiwan Straits (ARATS), during their just-concluded talks in Taipei.

The two pacts were the first follow-up agreements stipulated in the ECFA to be realized and will pave the way for further cross-Taiwan strait trade cooperation in services and goods, Chiang said.

Government officials have lauded the investment protection agreement as being able to help secure Taiwanese businessmen's rights when investing in China.

Critics of the pact argue, however, that certain provisions of the agreement do not meet the standards Taiwan had hoped to achieve, such as requiring disputes to be settled by international arbitration.

(By Lee Hsin-Yin)