HONG KONG, Sept. 21 (Xinhua) -- The Economic Cooperation Framework Agreement (ECFA), a landmark free trade pact signed by the Chinese mainland and Taiwan, is expected to further expand cooperation between the two sides, experts said Tuesday.

"The cross-Strait economies are closely connected and highly complementary, which means the signing of ECFA is a wise and inevitable choice. The pact, in return, will provide a new opportunity for the development of the two sides,"said Cao Xiaoheng, head of Taiwan Economics Study Institute of Nankai University, at the Overseas Chinese World Conference for Promoting Peaceful Reunification of China.

He said, China maintained a higher economic growth even after the global financial crisis and economic slowdown, which, accordingly, enhanced its role in the Asia-Pacific region and also in the world.

"What's important is China is going to transform from 'world factory' to a combination of 'world factory' and 'world market. ' Meanwhile, China's industrialization and urbanization will also generate a vast market," he said.

The remarks were echoed by Wang Lu Yen, vice president of China Association for Small and Medium Commercial Enterprises, who said that the ECFA will rejuvenate Taiwan's economic development.

"ECFA can help Taiwan accelerate the process of internationalization so as to avoid being marginalized," Wang said. "Both Chinese mainland and Taiwan are WTO members, but the bilateral trades have encountered many restrictions in the past. Now that the ECFA has taken effect, further economic development can be expected between the two sides."

According to statistics, the cross-Strait trade volume reached 802.2 billion U.S. dollars between 2000 and 2009, while Taiwan's surplus was 510.6 billion U.S. dollars, accounting for 63.6 percent of the total volume of the bilateral trade. The mainland is also Taiwan's largest investment destination.

The ECFA, aimed at establishing a systematic mechanism for enhancing cross-Strait economic cooperation, took effect on Sept. 12. Under the agreement, the two sides agreed to gradually reduce and remove trade and investment barriers, and continue discussing agreements for commodities trade, services trade and investment.