Shandong deepens cooperation with RCEP members

At the beginning of the year, the Regional Comprehensive Economic Partnership (RCEP) agreement took effect and has deepened exhanges and cooperation between Shandong and ASEAN countries, which have blossomed and produced positive outcomes as a result of the strengthening of the China-ASEAN Comprehensive Strategic Partnership.

The second RCEP (Shandong) Import Expo was held in Linyi, Shandong province form Aug 19 to 21.

Focusing on the economic and people-to-people exchanges between RCEP countries, cities, business associations and Shandong, the expo showcased well-known brands and high-quality commodities from RCEP countries.

Spanning an exhibition area of 35,300 square meters, the expo attracted more than 43,000 visitors, including 21,000 professional purchasers. The on-site transaction volume reached 230 million yuan ($33.69 million), and intended transaction volume hit 750 million yuan.

A total of 512 exhibitors attended the expo, which had three pavilions: RCEP International, RCEP Brands and RCEP Quality Commodities.

Five RCEP countries, namely Cambodia, South Korea, Thailand, Vietnam and Australia, set up national pavilions. In addition, six overseas city pavilions were also set up to promote regional products.

The expo promoted the integration of e-commerce livestreaming and exhibition activities, and during the expo, a series of online sales promotions were held, with the transaction volume reaching more than 50 million yuan.

A series of supporting activities, such as the RCEP SMEs Forum, an international cooperation and exchange conference, the local product park investment promotion conference, and the Linyi import goods consumer shopping festival, were held during the expo.

In recent years, Linyi has increased close economic and trade ties with ASEAN countries, and ASEAN has become Linyi's largest trade partner. In the first half of 2022, Linyi's trade value with ASEAN reached 16.08 billion yuan, up 29.5 percent year-on-year.

Shandong has established 231 pairs of friendly and cooperative city relations with local governments of RCEP countries, and ASEAN has become Shandong's largest trading partner. In the first half of this year, Shandong's imports and exports to RCEP countries reached 587.47 billion yuan, up 22.9 percent.