Banking service among the first to benefit

BEIJING - A landmark economic pact between the Chinese mainland and Taiwan took effect on Sunday following approval by the island's authorities, as part of efforts from the two sides to establish a systematic mechanism to enhance cross-Straits economic cooperation.

The Economic Cooperation Framework Agreement (ECFA), signed in late June, is seen as the most sweeping agreement between the mainland and the island to deepen cooperation between financial organizations and to reduce tariffs and commercial barriers. The pact also calls for the protection of intellectual property rights by legislation and enforcement.