Chiang Pinkung the leader of Taiwanese Delegation rightly states, that the signing of the landmark trade agreement between China and Taiwan is not just an important milestone for strengthening the economic ties between the two countries, but it is also a huge step towards integration and globalization.

China and Taiwan have been hostile for over 6 decades now, and the economic Cooperation Agreement (ECFA) is a leap towards reconciliation and enhanced trade relations.

The trade agreement was signed by senior delegates in the Southwest Chinese city of Chongqing. Tuesday will be remembered for a long time to come as the agreement ends traffic on hundreds of products being sold across the border and bilateral trade has many prospects and has been estimated to bring in profit of over one hundred billion dollars per year.

Some of the industries that will benefit from the agreement are PVC plastics and other high tech items that are manufactured in China. The pact will cut tariffs to ground level; on 539 Taiwan export items that are estimated to be worth around $13.84 billion that would be exported to China, while Taiwan gets $2.86bn headed the other way.

The pact also set off violent protests by a large number of protesters in the Capital Taipei on Saturday. The civilians feel that the deal would affect the nations self rule policy as well as economy.

[Source: AP]