HAIKOU /China/, April 10. /TASS/. Companies from 10 member countries of the Regional Comprehensive Economic Partnership (RCEP) are participating in the 3rd Chinese International Consumer Goods Fair in Haikou, Hainan Province, South China. This was reported by the Hainan Daily newspaper.
According to the newspaper, companies from Vietnam, Thailand, South Korea and Japan will present their products in their national pavilions. Japan's stand area this year will be 1.8 thousand square meters. Over 50 Japanese companies will present more than 250 brands.
The expo will also present products from such RCEP countries as Australia, Indonesia, Malaysia, New Zealand and Singapore. They will showcase coffee, dairy products, alcoholic beverages, and health and beauty products.
In addition, representatives of RCEP countries will be among the professional buyers at this year's exhibition. Hainan Daily writes that the Vietnamese Ministry of Industry and Trade has formed a special trade group of representatives from 18 companies, which will discuss on the margins of the expo the prospects for cooperation in the supply of food products, particularly tropical fruits, coffee and other goods.
The 3rd Chinese International Consumer Goods Fair is taking place from April 10 to 15, with more than 3.1 thousand brands from more than 60 countries and regions around the world participating in the event. The opening ceremony on Monday marked the beginning of the business program. The exhibition part starts on Tuesday and will be open until April 15.
About RCEP
China and another 14 countries in the Asia-Pacific region have signed the Regional Comprehensive Economic Partnership on the sidelines of the Association of Southeast Asian Nations (ASEAN) annual summit on November 15, 2020. Fifteen nations are part of the trade agreement: Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam. They account for one-third of global GDP.
The RCEP is expected to gradually reduce or eliminate the already low trade tariffs between members over 20 years. Some countries in the partnership already have their own agreements.