Meanwhile, mainland investment worth $108 million was allowed to enter the island, 16 mainland movies were shown in Taiwan's cinemas and two mainland banks are currently preparing to open branches in Taipei, Jiang noted.

Under the ECFA, which was signed between the ARATS and SEF in June 2010, the Chinese mainland allows companies from Taiwan to enter 11 service sectors such as accounting, hospital, banking and securities, while Taiwan has opened nine of its service sectors to mainland firms.

As part of the follow-up negotiations for the ECFA, both sides started to accept applications from economic agencies for the establishment of trade offices on April 18, even though only one agency from each side will be permitted to set up offices initially, Jiang said.

Negotiators from both sides expect the signing of an investment protection agreement to be completed at the upcoming eighth round of talks between the SEF and the ARATS, which is scheduled for the first half of this year.

They have also exchanged views and agreed upon details regarding a customs cooperation agreement, which is set to improve the efficiency of customs clearance, Jiang disclosed Thursday. Both agreements are part of the follow-up negotiations of the ECFA.

The negotiations regarding trade in goods and services as well as dispute settlements have been going well, Jiang said, adding that both sides will handle settlements over trade disputes in the spirit of "seeking common ground while shelving differences" and "in an active yet prudent manner."

Representatives attending the ECC meeting have pledged to strengthen cooperation on major industrial projects.

According to Jiang, it was agreed at the ECC meeting that both sides will increase substantive cooperation regarding the petrochemical industry in a bid to raise their global competitiveness.