Mainland, Taiwan sign pacts on investment, customs
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E-mail China.org.cn, August 9, 2012
The chief negotiators from the Chinese mainland and Taiwan Thursday signed two agreements on investment protection and promotion, and on customs cooperation, aiming to better protect investors' rights and interests, and facilitate customs clearance.
The pacts were signed by Chen Yunlin, president of the Chinese mainland-based Association for Relations Across the Taiwan Straits (ARATS), and Chiang Pin-kung, chairman of the Taiwan-based Straits Exchange Foundation (SEF), at their eighth meeting since 2008.
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Chen Yunlin and Chiang Pin-kung shake hands during a meeting in Taipei Thursday. |
In the long-awaited investment protection and promotion agreement, the two sides pledged to offer "just and fair treatment" to their respective investors and investment projects and provide full protection and security, Xinhua News Agency reported.
They also agreed to gradually remove restrictions on investment projects, create a fair environment and promote two-way investment.
A dispute settlement mechanism will be established to offer several settlement options, including negotiations between disputing parties, local dispute settlement authorities, the investment division of the Cross-Strait Economic Cooperation Committee (ECC) and local courts.
In the agreement, the mainland and Taiwan promised to provide equal, if not preferential, treatment for investors from both sides. Each side will treat investors from the other side the same way it treats those from other countries or regions, if not preferentially.
However, the agreement only concerns future policies. Both sides promised to gradually remove existing policies that are not in line with the agreement.
In addition, the two sides published a statement of common understanding on personal freedom and safety issues related to the agreement.
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