The historic trade agreement will be a major boost in normalizing business between the Chinese mainland and Taiwan. It will create a win-win economic situation for both sides.
The two sides are putting unilateral, unbalanced trade behind them.
The agreements they have signed aim to formalize economic cooperation across the Taiwan Strait and ease economic and trade exchanges.
Both sides believe they will help promote economic development and the well-being of both communities.
Prof. Hua Xiaohong, Univ. of Int'l Business And Economics,said, "The signing of the deal could bring benefits to both sides. No matter whether it's in terms of the GDP growth or trade margins. The expansion of trade output and increase in employment, will also have positive effects."
Liang Kuo-Hsin, expert of Taiwan Exchange Foundation, said, "The two sides' economies complement each other quite well. Mainland is Taiwan's largest trade market. So setting up trade mechanisms will ensure the stable growth of trade between the two sides.This will benefits the economic growth in the future."
The ECFA lowers tariff for imports between the two sides to zero within three years.
For more than 23,000 small and medium enterprises in Taiwan, it will save costs and create jobs.
Also, the ECFA will bring down investment and trade barriers, and increase economic communications.
Some experts also say the deal will also serve as a tool for both sides as they go through an economic transition after the global financial crisis.
