China, Taiwan Reach Basic Agreement on Tariff Reductions

From Bloomberg:

China and Taiwan said they reached a basic agreement on tariff reductions in a third round of talks to boost economic and trade relations.

“We are still working on details, but the basic agreement has been reached,” Tang Wei, head of Taiwan, Hong Kong and Macau affairs at China’s Ministry of Commerce, said late yesterday after talks in Beijing with Huang Chih-peng, director- general of Taiwan’s Bureau of Foreign Trade.

An agreement would lower tariffs on more than 200 items exported from China to Taiwan including car parts, petrochemicals and machinery, the officials said. The exact items have yet to be decided, and Tang said he hoped that Taiwan would export textiles and car parts to China. An accord would allow service providers to compete in the two markets, he said.

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