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The legislative department on Taiwan Island has approved the cross-strait Economic Cooperation Framework Agreement, or ECFA, promoting closer cross-strait ties.
The local legislature voted to pass ECFA after lengthy speeches by representatives from the ruling Kuomintang party and other parties. Under Taiwan laws, the ECFA will take effect only after approval by the regional legislature. The mainland and Taiwan agreed to gradually reduce and remove trade and investment barriers.
Annexures to the agreement have also been approved, including the early harvest programme for preferential duty cuts, a tariff reduction arrangement and trade assistance.