Cross-strait dialogue since 1993 has taken place under a common understanding that there is only one China, the two sides of the strait do not belong to separate states and, within this framework, the two sides develop their relations. This common understanding serves as the foundation for cross-strait dislogue through the two nominally unofficial outfits, the Association for Relations Across the Taiwan Strait (ASATS) and the Strait Exchange Foundation (SEF). Following an oral agreement on the one-China principle in 1992, ARATS and SEF held the first Wang-Koo meeting in Singapore in 1993. Although this one-China common understanding is described by SEF as "One China principle nut subject to each other's interpretation" (yige Zhongguo, gezi biaoshu), the essence of the sharedview is that both sides agree that there is only one China and they do not belong to separate states. This is believed to be the cornerstone for cross-strait relations.