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In Taiwan's 2008 presidential election, both candidates advocated signing a peace agreement with China, and Chinese leaders have also expressed interest in reaching such an agreement. Although substantial obstacles remain in the way of a cross-strait peace agreement, this increased interest on both sides of the Taiwan Strait suggests that a closer examination of an agreement's possible dimensions and consequences is warranted. This analysis considers what an agreement might look like, whether and how it might be effective in reducing the possibility of cross-strait military conflict, the relevant barriers to an agreement, and whether an agreement--if reached--would be likely to endure. [ABSTRACT FROM AUTHOR]