Shandong RCEP import expo concludes with big trade volume

[Video/chinadaily.com.cn]

The third RCEP (Shandong) lmport Expo concluded in Linyi, East China's Shandong province on Aug 20. The three-day expo attracted 536 companies from 56 countries to seek cooperation opportunities and generated a trade volume of 460 million yuan ($63.1 million).

The expo had more than 1,000 booths that displayed a wide range of products like imported wine, cosmetics, daily necessities, smart home appliances, high-tech electronic products, and high-end brand cars.

The expo, co-sponsored by the Linyi municipal government, the Shandong Provincial Department of Commerce and the Foreign Affairs Office of Shandong Provincial People's Government, provided a platform for exchanges and cooperation between Regional Comprehensive Economic Partnership (RCEP) member countries and Shandong province.

The RCEP is comprised of 15 members - the 10 Association of Southeast Asian Nations (ASEAN) member states, China, Japan, the Republic of Korea (ROK), Australia, and New Zealand. The RCEP was signed in November 2020 and went into effect on Jan 1, 2022, with the aim of gradually eliminating tariffs on over 90 percent of goods traded among its members.

The RCEP came into effect in the Philippines on June 2, marking a milestone with the world's largest free trade pact being fully active for all 15 member countries.

Linyi is often dubbed the "Logistics Capital of China". The city's foreign trade volume with RCEP member countries in the first half of the year was valued at 26.99 billion yuan. ASEAN is now one of Linyi's largest foreign trade partners.