Taiwan leader Ma Ying-jeou on Monday said he hoped the island could sign the Economic Cooperation Framework Agreement (ECFA) with the mainland this year to help fuel Taiwan's economic revival.

Addressing the Commonwealth Economic Forum hosted by a Taiwan economic magazine in Taipei, Ma said the trade volume between the two sides had topped 100 billion U.S. dollars annually.

However, no institutionalized mechanism had yet been established to install order for such large-scale trade, Ma said, expressing his hope that the two sides could sign the ECFA this year.

The ECFA is intended to make systematic arrangements to normalize mainland-Taiwan economic ties and bring the economies of both sides closer.

Ma said Taiwan would start to make its economic recovery from the global downturn this year, and that the island would focus on employment stimulus, innovation, green economy with broad participation of the people, and regional economic integration during the process.

The two-day forum in Taipei was attended by more than 500 delegates from the Chinese mainland, Japan, Singapore and Britain.