Lee Shr-Hau, president of Taiwan-based Hwashin Securities Investment Consulting Co., said the ECFA will have positive effects on the shares of both the island's traditional industries and financial services, especially those included in the "early harvest" program.

"The ECFA's taking effect also means the two sides will discuss cooperation between other industries across the Strait," he said.

In addition, under the agreement, the mainland and Taiwan will also set up a committee for cross-Strait economic cooperation.

Sheng Jiuyuan, a researcher with the Shanghai Pudong Institute for the Taiwan Economy, said the committee will be the first working organization jointly set up by the two sides under the framework of the mainland's Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF).

The ARATS and SEF handle cross-Strait issues on behalf of their respective authorities.

"The committee will guarantee the ECFA's implementation and ensuing negotiations," he said.

"Compared with the framework agreement, individual agreements on special subjects will entail more efforts in negotiation."

"The two sides should adopt a more practical attitude during negotiations, so as to enable cross-Strait cooperation to be a success," he said.

The mainland has been Taiwan's largest trading partner and export market since 2007, according to statistics released by both sides.

Taiwan is the mainland's sixth largest trading partner, with accumulated cross-Strait trade reaching 960 billion U.S. dollars at the end of 2009.