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Taiwan firms save $53 mln in tariffs under ECFA

08-16-2011 16:06 BJT

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Turning to domestic trade now, and business between the Chinese mainland and Taiwan has been boosted after the implementation of the Early Harvest Program of the Cross-Strait Economic Cooperation Framework Agreement, also known as ECFA.

In the first half of this year, nearly 19 billion U.S. dollars worth of items qualified for favorable tax rates under the trade pact, saving Taiwan businesses over 53 million U.S. dollars in tariffs. Data shows local machinery makers benefited the most from the closer trade ties.

Under the agreement, the two sides agreed to remove tariffs in three phases over two years on 557 items from Taiwan and 267 items from the Chinese mainland.

Picture: Containers at a port in Taiwan. (File Photo/Commercial Times)

 

Editor:Li Wanran |Source: CNTV.CN

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