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Chinese mainland and Taiwan negotiators have signed the long-awaited Economic Cooperation Framework Agreement, or ECFA, in Chongqing.
Besides the ECFA, the two sides have also signed an agreement on protecting intellectual property rights. The deal is being hailed as a milestone in cross-Strait relations.
The agreement aims to establish a systematic mechanism for enhancing cross-Strait economic cooperation and has been endorsed by the Mainland's Association for Relations Across the Taiwan Straits and the Taiwan-based Straits Exchange Foundation. Under the 16-article agreement, the two sides agree to "gradually reduce and remove trade and investment barriers and create a fair environment" between the two sides.
The agreement also provides protection for cross-Strait investment to boost two-way capital flows. Under the pact, the two sides will continue discuss to agreements on commodity trade, services and investment over the next six months.
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