BBC News - Taiwan and China agree details of key trade deal "Page last updated at 14:27 GMT, Thursday, 24 June 2010 15:27 UK By Cindy Sui BBC News, Taipei Taiwan delegation head Kao Koong-lian (R) shakes hands with Chinese counterpart Zheng Lizhong at the talks on 24 June. The two sides have been negotiating the deal for months. Taiwan and China have finalised details of what many believe will be the most important agreement between the two sides in 60 years. The agreement - similar to a free-trade pact - will cut export tariffs and give more access to each other's market. ... Following a year of negotiations, the two sides hammered out the agreement on Thursday. It gives Taiwan more economic benefits than China. More than 500 Taiwanese products - including auto parts, petrochemicals and fruit - will be able to enter the booming Chinese market with reduced tariffs immediately and no tariffs within three years. Only about half the number of Chinese products will get similar treatment in Taiwan. Taiwan's government said the deal will boost trade, increase economic growth and help the island's exports stay competitive. ... The agreement is scheduled to be signed in China next Tuesday."