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Mainland and Taiwan slash import tariffs

01-03-2011 10:04 BJT

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The Chinese mainland and Taiwan have taken their first step toward furthering trade ties, by implementing the "Early Harvest Program" under the Economic Cooperation Framework Agreement, or ECFA.

Under the plan, the Chinese mainland reduces tariffs on more than 500 Taiwan goods, while the island drops duties on more than 200 products headed the other way. Within two years, fees on those items will be reduced to zero. Meanwhile, the Chinese mainland is allowing Taiwan companies to enter 11 service sectors -- such as accounting, banking, medical care, and securities -- while the island opens up nine of its industries. The ECFA, which was signed in June and became effective in September, has been hailed as an impetus to boost related businesses on both sides. It is also expected to generate great interest among entrepreneurs in those fields.

Editor:Zheng Limin |Source: CNTV.CN

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