China, Taiwan Tariff Reductions

“We are still working on details, but the basic agreement has been reached,” Tang Wei, head of Taiwan, Hong Kong and Macau affairs at China?s Ministry of Commerce, said late Sunday after talks in Beijing with Huang Chih-peng, director-general of Taiwan?s Bureau of Foreign Trade.

An agreement would lower tariffs on more than 200 items exported from Mainland China to Taiwan including car parts, petrochemicals and machinery, the officials said. The exact items have yet to be decided, and Tang said he hoped that Taiwan would export textiles and car parts to Mainland China. An accord would allow service providers to compete in the two markets, he said.
Taiwan President Ma Ying-jeou has been pushing for an accord to bolster export-dependent Taiwan?s economy after a Chinese trade agreement with the Association of Southeast Asian Nations began this year. Ma is also seeking better relations with the island?s biggest trading partner and No. 1 investment destination.

Taiwan and China agreed in December to boost cooperation in fishing, agriculture and industrial goods at the fourth cross-strait talks as relations reached their warmest in 60 years. In November, they signed three memoranda of understanding to ease access to each other?s banking, securities and insurance industries.
Trade between the mainland and Taiwan increased 68 percent in the first four months of 2010 compared with same period last year, and Taiwan investment rose 45 percent, China?s Tang said Sunday.

Source : Konaxis

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