China and Taiwan plan to establish a cross-strait Economic Cooperation Committee (EEC), possibly before the end of the year.
Kao Koong-lian, vice chairman of the Straits Exchange Foundation, said "negotiators are close to agreement with regard to the EEC, and it will be set up within a short period of time."
The ECC will handle the list of items that are eligible for tariff removal or reduction under the terms of the Economic Cooperation Framework Agreement that Taiwan and China signed in June.
China's Vice Commerce Minister Jiang Zengwei and Taiwan's Vice Economics Minister Francis Kuo-hsin Liang will serve as the "general conveners" of the body.
Focus Taiwan reports that seven panels will be established handle issues involving commodity trade, service trade, the monetary industry, intellectual property rights protection, economic cooperation, dispute settlement and investment.