TIANJIN -- Negotiators from the Chinese mainland and Taiwan on Thursday issued a joint statement regarding the negotiation of a cross-Strait investment protection agreement.

The statement was issued by the mainland's Association for Relations Across the Taiwan Straits (ARATS) and the Taiwan-based Straits Exchange Foundation (SEF) during the ongoing ARATS-SEF talks held in the mainland's northern city of Tianjin.

The two sides have reached a consensus on the content of the agreement, but further communication and coordination within each side and between the two sides are still necessary, according to the statement.

The mainland and Taiwan agreed to accelerate the negotiation process and sign the agreement during their next talks, the statement said.

The two sides believe the cross-Strait investment protection agreement is an important part of follow-up negotiations for the Economic Cooperation Framework Agreement (ECFA), a milestone trade agreement that took effect in September 2010.

The agreement should comply with the framework of general agreements, take the "distinctiveness" of both sides of the Strait into account, respond to the concerns of investors from both sides and address feasibility issues, the statement said.

Both sides agreed to establish a contact platform and relevant dispute settlement mechanism featuring a transparent investment process and full communication.

The two sides will finish negotiations as soon as possible, in accordance with the ECFA's provisions, so as to better protect the interests of investors from both sides and create a fair investment environment, the statement said.

Negotiators from the mainland and Taiwan also issued a joint statement on industrial cooperation.

The statement said the two sides have agreed to expand the scope and enhance the level of cooperation, as well as to boost the development of small- and medium-sized businesses in order to create more jobs for people across the strait.

The mainland and Taiwan will strive together to develop self-owned brands, promote industrial upgrading and transformation and nurture the global competitiveness of enterprises, said the statement.

The two sides will actively promote cooperation in major programs and projects, with LED lighting, logistics and automobiles being listed as the specific areas in which both sides will cooperate.

Negotiators from both sides have also decided to periodically hold a cross-Strait industrial cooperation forum, the statement said.