Saturday, June 22, 2013

China, Taiwan sign service sector covenant

China and Taiwan have signed an agreement to open up their service sectors, further deepening their economic ties.Both signed the pact on Friday at a meeting of representatives for cross-strait talks in Shanghai.The agreement  ease China open up eighty  service sectors to Taiwan, so will  Taiwan to open sixty four sectors to the mainland. The covenant make it easier for Taiwanese firms to start online shopping businesses and offer health care services on the mainland.

This will make  easier for companies in China to open banks and brokerage houses in Taiwan. Three years ago, China and Taiwan signed an economic cooperation agreement. But that helped the 2 sides to open only limited parts of their service industries. Taiwan is hoping to turn the latest pact into a stepping stone for promoting free trade agreements with other countries, and for participating in the Trans-Pacific Partnership free trade agreement, or TPP.China appears to be hoping that the promotion of business relations will lead to an eventual unification with Taiwan. 

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