TAIPEI - Chiang Pin-kung announced Wednesday that he will officially resign from his post as chairman of the Taiwan-based Straits Exchange Foundation (SEF) on Sept 27.

Taiwan authorities have approved his resignation.

Chiang said his resignation was due to his age, physical condition and future career plans.

SEF Vice Chairman Kao Koong-lian also announced his resignation. The SEF is currently preparing for reelections.

Chiang, who will turn 80 at the end of the year, said at a press conference that it was "the right time" for him to resign, as cross-strait consultations have replaced confrontation, ushering in an unprecedented situation between the mainland and Taiwan.

Chiang said he had realized the "two dreams" he put forward on May 26, 2008 when assuming the SEF chairmanship, referring to the promotion of peace and common prosperity across the Taiwan Strait and construction of the SEF office building.

"The SEF personnel change will not impact any future cross-Straits consultations," he said, adding that negotiations between leaders of the mainland's Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's SEF have been held eight times since June 2008.

Chiang said he wants to make volunteer efforts that will benefit both sides of the strait in the future.

The SEF, founded in 1990, and the ARATS, founded in 1991, are authorized by the governments of both sides to handle cross-strait affairs.