Economic cooperation across the Taiwan Straits is gaining momentum with improved ties between Taiwan and the Chinese mainland, said mainland Taiwan affairs chief Wang Yi Wednesday.

Economic exchanges showed great potential, Wang, director of the Taiwan Work Office of the Communist Party of China (CPC) Central Committee and the State Council Taiwan Affairs Office, told a cross-Straits entrepreneurs summit in Nanjing, Jiangsu Province.

Wang called for business people on both sides of the Straits to continue to support the political foundation of opposing "Taiwan independence" and adhering to "1992 Consensus," and promoting the economic cooperation framework across the Straits.

In November 1992, the mainland's Association for Relations Across the Taiwan Straitss (ARATS) and the Taiwan-based Straitss Exchange Foundation (SEF) reached the "1992 Consensus" in Hong Kong. The agreement said both sides will adhere to the "one China principle."

Taiwan-based Kuomintang honorary chairman Lien Chan said Wednesday the Economic Cooperation Framework Agreement (ECFA) would greatly benefit the island.

Lien said it was imperative for Taiwan to find new development opportunities for its products in the face of strong international competition.

The long-awaited ECFA, which aims to normalize mainland-Taiwan economic ties and bring the two economies closer, could be signed by the end of June.