A proposed free-trade agreement Taiwan's government hopes the island will sign with China will be sent to the Legislative Yuan for deliberation before being implemented, Mainland Affairs Council (MAC) Chairwoman Lai Shin-yuan said Thursday, in an attempt to appease widespread concerns that the administration will reach agreement with Beijing without first seeking legislative or public approval. Lai said at a legislative session that the government will soon complete negotiations with China on the signing of the pact, known as the economic cooperation framework agreement (ECFA) . The government has said it hopes to sign the agreement by next year. According to Lai, the administration will be supervised by the Legislative Yuan through communications and consultations on issues pertaining to the agreement. Aside from giving reports to and listening to suggestions from the legislature before engaging in negotiations with China, Lai said the MAC and government agencies will keep it informed of the progress of negotiations. 'The ECFA will become effective and be implemented after negotiations with China have been completed and the pact is approved by the legislature,' Lai told legislators. Lai added that her agency, which is in charge of developing Taiwan's policies regarding mainland China, will continue to push for cross-strait negotiations and economic and trade cooperation with China, as the stable and peaceful development of relations between the two sides is not only important to Taiwan's national existence, but also to peace and security in the Asia Pacific region. She said the government will further ease bans on Chinese investments in Taiwan's securities market and other cross-strait banking and financial exchanges. According to the MAC chairwoman, as of mid-September, a total of 3,081 outlets operated by 44 banks in Taiwan have been approved to offer Chinese currency exchange services, and up to 150 outlets have been allowed to accept Chinese bank notes since Taiwan lifted restrictions on transactions of Chinese currency in June 2008. In face of a rising China, Lai said, Taiwan should seek to improve cross-strait ties. She added that her office will work to deepen cultural and educational exchanges and strengthen information sharing across the Taiwan Strait. Lai said that over the past year, improved relations with China has indeed brought substantial benefits for Taiwan and has helped improve Taiwan's relations with the international community. Relations between the two sides have dramatically improved in the past year. Regular direct flights and shipping links have been launched, both have regular high level meetings, Taiwan has decided to allow Chinese investment in about 100 sectors and many more Chinese tourists are traveling to Taiwan. Lai added that the MAC will continue to work to promote cross-strait exchanges and dialogue based on the rational principle of 'facing reality, creating a better future, shelving disputes, seeking a win-win situation' and the principles of 'equity, dignity, reciprocity' in order to realize the eventual goal of permanent peace in the Taiwan Strait. The two sides have yet to sign a peace treaty since the end of a civil war in 1949, the 60th anniversary of which is this month. 