TAIPEI: Preparations for the signing of a memorandum of understanding (MOU) on financial supervisory cooperation between Taiwan and the mainland have been going smoothly and are close to completion, Lai Shin-yuan, chairwoman of the Mainland Affairs Council (MAC), said yesterday.

Lai made the comment while fielding questions at the Legislative Yuan.

"Both the MAC and the Financial Supervisory Commission (FSC) are of the opinion that no political motives will be involved where the MOU issue is concerned," Lai said.

The two sides of the Straits will seek to sign the MOU as soon as possible, but no exact schedule for the signing is available at this time, she added.

FSC Chairman Sean C. Chen told the same session that preparations for the MOU have been progressing in line with normal procedures.

"The specific wording of the MOU has already been decided," he added.

Concerning the proposed cross-Straits Economic Cooperation Framework Agreement (ECFA), economics chief Shih Yen-shiang said that the government has to go through a necessary process encompassing studies, consultations, signing and legislative approval before the ECFA can take effect.

"Unofficial talks on an ECFA between Taiwan and the mainland are in progress and formal negotiations are expected to begin in October," he said.

Taiwan has not slowed its pace of preparation for the signing of the ECFA, but the "cooperation of the other side is definitely needed, as we cannot move forward with the matter on our own," he said.

China Daily/CNA

(HK Edition 09/23/2009 page2)