Beijing - The mainland reached a basic consensus with Taiwan on Sunday over the main plank of a landmark trade pact, after experts from both sides finished the third round of negotiations in Beijing.

Both sides are largely in accord on the main content of the agreement, including tax reductions and market access, said Huang Chih-peng, director-general of external trade under Taiwan's ministry of economic affairs, who is also heading the Taiwan delegation.

The first round of the Economic Cooperation Framework Agreement (ECFA) talks took place in Beijing in January, followed by the second round two months later in Taipei.