RCEP brings foreign traders new business opportunities
2022-05-30
author：
Yuan Shenggao
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The 131st Canton Fair announced it has signed cooperation agreements with three trade associations of Laos, Vietnam and the Association of Southeast Asian Nations. All of them are from the Regional Comprehensive Economic Partnership members.
The move marks the Canton Fair has 40 of its 170 global partners coming from all the 15 RCEP member states, the event’s organizers said.
As the first session of the Canton Fair to be held after the RCEP agreement came into force on Jan 1, the fair helps businesses to take this opportunity to expand their presence in the international market.
During the 131st Canton Fair, the China Foreign Trade Centre cooperated with relevant organizers to hold forums, dealing with the topics centering on the RCEP, including the agreement analysis, opportunities and challenges of renminbi internationalization, and tariff concessions.
“The RCEP countries contributed 60 percent of our total exports,” said Lei Yueni, a staff member of the international market department of Jiangxi Geto New Materials Corporation.
According to Lei, since the company attended the Canton Fair in 2014 for the first time, it has gained an influx of orders from home and abroad. Thus it saw huge potential of the RCEP market.
As its international trade increases year by year, Geto set up subsidiaries in Malaysia and Singapore in 2015 and 2017 respectively, as part of its effort to expand overseas businesses.
To help enterprises seek more business opportunities in the RCEP market, local authorities across the country have established platforms via the Canton Fair for facilitating trade cooperation between exhibitors and buyers.
At the 131st Canton Fair, the Liaoning Department of Commerce launched an online event to promote the cooperation between Liaoning and Southeast Asian businesses in light industrial products. It attracted 31 Liaoning-based light industry manufactures and 20 buyers from Southeast Asia.
During two days, 60 business matchmaking activities took place during the event, many of the participants reached initial trade agreements on festival gifts, decorations and clothes.
In addition, Guangzhou Customs has joined hands with China Customs Press to hold a livestreaming event to discuss how businesses can make good use of RCEP policies.
Under the support of the Canton Fair and local authorities, businesses representatives said they have attached great importance to the RCEP market.
Lei from Geto said her company has displayed a vast lineup of construction equipment at the ongoing Canton Fair, seeking buyers from around the globe, especially from the RCEP members.
With infrastructure construction advancing in the Southeast Asian countries, they have high demand for construction materials and equipment.
Products made in China have a reliable reputation and thus have gained high growth in Southeast Asian countries, which are becoming a focus of the company’s global expansion.
Fuyi Group, a Liaoning-based industrial manufacturer, displays hospital uniforms and working suits at the ongoing fair.
“We have invested in a factory in Myanmar,”said Qin Jing, deputy general manager of Fuyi.
The group exports large quantities of fabrics to the RCEP market annually, Qin said, adding that the final products are sold to the RCEP and European and American markets after they are processed in Myanmar.
Another exhibitor Galanz, a Guangdong-based home appliance maker, showcases products such as refrigerators and ovens.
Japan, South Korea and Southeast Asia are major markets of Galanz, an overseas market manager of the company said.
With the implementation of the RCEP agreement after it took effect, businesses benefited from tariff reduction and improved efficiency in customs clearance. That has also encouraged Galanz to conduct more cooperation in the RCEP market, the manager said.
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